The meme-inspired cryptocurrency has seen the total number of addresses on its network with a balance surpass the 5 million milestone after significant surging over the last few weeks amid rising cryptocurrency adoption.

According to data from on-chain analytics firm IntoTheBlock, the Dogecoin network surpassed five million addresses with a balance on November 27 after the metric started growing exponentially. The number of active addresses on the network, meanwhile, has more than doubled to reach 168,000, the highest level since March of last year.

The rise came amid a growing number of confirmed transactions on the Dogecoin network as the cryptocurrency’s price rose around 16% over the past 30 days to now trade at $0.08 per token.

The rise came after a “massive amount” of older DOGE started moving out of wallets that has been dormant, in a sign that the price of the meme-inspired cryptocurrency could soon move upward.

The meme-inspired cryptocurrency has failed to keep up with the performance of other major digital assets this year, rising about 14% so far compared to the flagship cryptocurrency Bitcoin, which moved up nearly 130% year-to-date.

As CryptoGlobe reported, Dogecoin futures contracts’ open interest has also recently surged by around 40%,  suggesting there’s heightened risk appetite among traders in a trend that has historically signaled local price peaks in the realm of cryptocurrency markets.

While a rise in open interest typically signals a bullish sentiment among futures traders, an excessively high or sudden spike can serve as a bearish indicator, hinting at an impending shift in market trends as traders potentially initiate short positions.

DOGE has historically seen significant rallies over short periods of time. Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Featured image via Unsplash.