Dogecoin saw a surge in user activity this week, reaching its highest levels since June 2023. On November 27, the average daily number of transactions on the network reached 1.626 million, according to data from Bitinfocharts.
The number of addresses involved in transactions also saw a significant increase, reaching 168,000, the highest since March of last year. However, by the end of the week, network activity dropped, with daily transactions falling to 950,000.
Despite this, the price of DOGE increased by almost 8% to $0.0817 over the course of seven days, leading it to claim the ninth spot on the list of largest digital currencies. Its closest competitor, Cardano (ADA), has seen its capitalization decrease to $13.26 billion.
IntoTheBlock also reported that the number of DOGE holders reached a record high this week, surpassing 5 million. With the increase in cryptocurrency value, the majority (60%) of DOGE addresses have become profitable, while only 33% are currently experiencing losses.
Moreover, 71% of the total DOGE supply is being held by long-term investors who believe that the limited supply in the market will help drive up its value.
