Dogecoin, the quintessential memecoin, has surpassed 4.4 million wallet addresses, though sentiment about DOGE today seems to remain in the Fear zone with a score of 34.
Dogecoin: wallet addresses increase but with red zone sentiment
Dogecoin (DOGE) has surpassed 4.4 million wallet addresses, yet overall sentiment on the crypto memecoin is also in the red zone today, with a Fear & Greed index scoring 34 (Fear).
JUST IN: #Dogecoin surpasses 4.4 million wallet addresses.
— Watcher.Guru (@WatcherGuru) October 3, 2022
“JUST IN: #Dogecoin surpasses 4.4 million wallet addresses.”
Dogecoin Fear and Greed Index is 34 ~ Fear pic.twitter.com/zlpplYSIQB
— Doge Fear and Greed Index (@DogecoinFear) October 4, 2022
The tenth-largest crypto by market capitalization appears to have good news in the area of increased wallet addresses, but just like the queen of crypto Bitcoin, it has been experiencing fear sentiment for weeks.
Indeed, Bitcoin today appears to still be negative, marking a Fear & Greed Index of 20 entering Extreme Fear.
Active wallet addresses declining as the price of DOGE
Another significant fact concerns which of these Dogecoin wallet addresses are active and which are not.
Indeed, according to statistics, while wallet addresses have increased, to date DOGE’s active addresses appear to be decreasing, turning out to be only 43,000. This is more than 60% less than in mid-August, which, instead, had exceeded 110,000.
This is something that is reflected in the price of DOGE, which in mid-August had hit its highest peak in 3 months, at $0.086. A far cry from the current $0.060.
DOGE is holding up, remaining in 10th position in the crypto rankings with its $8 billion market capitalization.
Elon Musk’s support
Other interesting numbers concerning Dogecoin come from the interventions of its primary influencer: the world’s richest man and CEO of Tesla and SpaceX, the infamous Elon Musk.
Looking back to July 2022, it appears that Musk’s intervention caused Dogecoin (DOGE) retail traders to increase by 380% in one day.
This is the same day as the announcement of Musk’s $43 billion plan to buy Twitter Inc. Not only that, Musk also reportedly announced on that day that the Tesla company would sell 75% of its Bitcoin (BTC) holdings, but not one cent of DOGE.
However, this move by Musk of being identified as the premier influencer of the meme crypto seems to have come under fire.
And indeed, it appears that the $258 billion class action lawsuit against Musk for promoting DOGE was filed in June by Keith Johnson, while a new update earlier this month sees signatures from others as well. The plaintiffs have reportedly hired an expert witness to explain to the court how and why Dogecoin would be a pyramid scheme.