Dogecoin price might recover losses if volume picks up

Dogecoin has noted a massive rise in wallet addresses with a non-zero balance. This increase is typical of rising demand among market participants for DOGE. On-chain metrics paint a bullish outlook for Dogecoin.

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Dogecoin sees massive spike in new wallet addresses

The recent price rally in DOGE, that sent the Shiba-Inu-themed meme coin to its local peak of $0.087 on November 17, was accompanied by a massive increase in non-zero balance wallet addresses. According to data from crypto intelligence tracker IntoTheBlock, Dogecoin’s non-zero balance wallets climbed to 5.11 million. 

This marks an important milestone, as DOGE wallets with a balance hit a record high. 

DOGE total addresses with balance 

The spike in wallet addresses supports a bullish thesis for DOGE recovery. However, ideally this should be accompanied by a spike in volume to add credence to the signal. Whilst actual Volume for the meme coin lags behind, Santiment data sheds light on a rise in Active Addresses.

As seen in the chart below, Volume is lagging behind, despite the meme coin’s recovery. Nevertheless, there is a considerable increase in the 24 hour Active Addresses in DOGE. This rise in Active Addresses could foreshadow an increase in DOGE volume, which could still fuel a recovery in the meme coin.

DOGE Active Addresses and price 

DOGE Volume and price 

At the time of writing, DOGE price is $0.077 on Binance. The largest meme coin by market capitalization, rallied 12% in the last thirty days, and remained unchanged in the past week. DOGE yielded nearly 2% losses on the day for holders.