Active addresses on the Dogecoin (DOGE) network have hit a new all-time high following the meme coin’s 30-day surge, fueling speculation that DOGE could hit $1 in the short term.
While the token has the potential to reach that point this cycle, this on-chain analysis explains why it may not happen so soon.
According to Santiment data, on October 31, Dogecoin's active addresses were still below 1 million. However, this has changed drastically, at the time of writing the number of active DOGE addresses has reached a record high of 9.52 million.
The active address metric is widely used to predict the number of users interacting on a network. It provides insight into the overall activity of a network and user engagement, which serves as a leading indicator of blockchain adoption and interaction with crypto assets.
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