One of the most prominent cryptocurrencies in the world just saw a major uptick in participation. Indeed, Dogecoin has seen its active addresses jump 990% as cryptocurrency exchange Coinbase has unveiled its brand-new plans for DOGE.
There has been no shortage of good news surrounding Coinbase this week. Specifically, it saw its landmark entry into the S&P 500 be met with immense optimism around what that could mean for the industry as a whole. Moreover, it has introduced some exciting news regarding a host of cryptocurrencies, including the leading meme coin by market cap.
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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.
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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.
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