Dogecoin’s blockchain is witnessing a dramatic increase in user activity, with active addresses tripling in just over a month. Data from Glassnode reveals a sharp rise in on-chain transactions, indicating a renewed surge of interest in the meme-inspired cryptocurrency.
Despite a downward trend in DOGE’s price, network activity has intensified, suggesting growing speculative interest or broader market shifts.
Dogecoin’s daily active addresses hovered between 150,000 and 200,000 between February and early March. The network remained stable, with minor fluctuations, until early March when activity spiked significantly.
On March 7, the number of active addresses surpassed 350,000. By March 12, this figure had skyrocketed beyond 550,000—marking the highest level recorded in at least a month. This represents a 200 percent increase from February’s average of 200,000 active addresses and a 140 percent rise compared to early March levels of 250,000.
The sudden influx suggests a substantial rise in on-chain transactions, potentially fueled by increased speculative interest, heightened social media attention, or broader cryptocurrency market trends.
Dogecoin Transactions Hit Record Highs
The surge in active addresses coincided with an unprecedented increase in network transactions. Throughout February, daily transfers fluctuated between 300,000 and 500,000. However, a steady uptick in transfer volume was observed by late February.
From February 25 to March 5, the number of daily transfers consistently exceeded 600,000, aligning with a modest rebound in DOGE’s price. By March 8, the number of transactions had surged past 800,000. Four days later, on March 11, transfer volume exceeded 1.1 million—the highest level observed in the analyzed period.
This sharp rise in transaction volume underscores the growing engagement within the Dogecoin ecosystem, with users executing a record number of transfers quickly.
Market Impact and Price Fluctuations
Despite the surge in on-chain activity, Dogecoin’s price has struggled to maintain upward momentum. In mid-February, DOGE traded around $0.25 before experiencing a steady decline to approximately $0.15 by early March.
However, following the March 11 spike in network activity, Dogecoin rebounded above $0.170, suggesting that heightened blockchain engagement may influence market sentiment.
While the correlation between increased active addresses and price movement remains unclear, the data indicates that heightened transactional activity could be a precursor to broader market movements. Whether this trend will be sustained or will lead to continued volatility remains to be seen.
