Blockchain analytics firm IntoTheBlock revealed a significant milestone for Dogecoin, as the number of addresses holding the popular cryptocurrency surpassed 5 million. This news comes amidst a notable surge in user activity, showcasing the enduring popularity of DOGE within the crypto community.
As of the latest data, there were an impressive 168,000 active DOGE addresses recorded yesterday, marking the highest level of engagement since March 2022. This surge in activity hints at a renewed interest in Dogecoin, reflecting positively on its market dynamics.
On November 23rd, analyst Ali reported a noteworthy trend in Dogecoin transactions, specifically those exceeding the $100,000 mark over the past month. This consistent uptick in high-value transactions suggests a growing interest in DOGE from institutional players and cryptocurrency whales. Analysts speculate that these large transactions could indicate a potential price spike for the coin in the near future.
The surge in transaction values aligns with Dogecoin’s broader market momentum, which has seen increased attention from both retail and institutional investors. Initially created as a meme, the cryptocurrency has evolved into a prominent player in the digital asset space.
Crucial Warning from Prominent Dogecoin Developer
Amidst the positive momentum, one of Dogecoin’s prominent developers and community leaders, known by the moniker “Mishaboar,” took to social media to issue a critical warning. Mishaboar, addressing the growing Dogecoin community, particularly cautioned newcomers against falling victim to scams prevalent on social platforms.
In a post on the X (Twitter), Mishaboar emphasized the importance of safeguarding personal information and warned against sending money to individuals promising special access on Telegram channels. The developer highlighted the increasing prevalence of scams, noting that even accounts with significant crypto followings may be involved in fraudulent activities.
Mishaboar’s warning extended to the belief that having well-known followers does not guarantee legitimacy. In a stark statement, he declared, “Telegram = Hell,” advising the Dogecoin community to exercise caution and remain vigilant against potential scams and fraudulent schemes.
Nevertheless, as Dogecoin continues to experience milestones and increased attention, users are reminded to prioritize security and verify information, especially in the face of rising crypto-related scams across various social media platforms.
Related Reading | Bitcoin Supply in Profit Hits 2-Year High, Investor Behavior Signals Bullish Trends