Dogecoin Active Addresses Skyrocket 990% as Coinbase Eyes DOGE Integration
Dogecoin’s network just went berserk—active addresses surged nearly 10x overnight. The meme coin’s Lazarus moment coincides with leaked plans of Coinbase fast-tracking DOGE support, sending traders into a frenzy.
Behind the pump: Retail’s back in force, chasing the next ’number go up’ narrative. Meanwhile, Wall Street still can’t decide if this is a liquidity play or proof the markets have finally lost their minds.
Cynical take: Nothing says ’healthy financial system’ like a Shiba Inu-themed asset outperforming your 401(k).
Source: Forbes
Dogecoin Active Addresses Skyrocket: How Coinbase Is The Reason
There are few cryptocurrencies that have penetrated the cultural zeitgeist the way that Dogecoin has. With major personalities like Elon Musk taking a liking to the asset, it has become a key part of the growing industry. Although its utility has always been lacking, its strong community support has never wavered.
That support is only growing, as its reach in the industry may be set to get a notable boost. Indeed, dogecoin has seen its active addresses surge by a remarkable 990% as new Coinbase plans for DOGE have emerged. Now, all eyes are on the emergence of a potential new bull cycle for the asset.
According to Glassnode data, Dogecoin active addresses jumped from 61,892 to 647,527 over the course of just a week. Moreover, it saw a major increase in futures market participation. Specifically, open interest in Doge futures skyrocketed by over 66% in that same time frame. More importantly, it rose from $989 million to break through the $1.65 billion mark.
The timing of the increase coincides with Coinbase’s recent announcement of support for wrapped Dogecoin on its Base network. Indeed, cbDOGE was introduced among a host of similar wrapped crypto assets for its Layer-2 ethereum scaling solution.
Although the launch date has not been announced, it has seen traders flock to the asset. The positive developments had propelled DOGE up more than 17% in the last seven days, according to CoinMarketCap.
