New Dogecoin Addresses on the Rise
In a recent report, the on-chain data tracking platform Santiment has revealed a significant increase in the number of new non-zero addresses for Dogecoin. These addresses are created within the last week and hold more than 0.001 DOGE. Within two weeks, there has been a surge of 413,800 new wallets with balances ranging from 0.001 to 1 DOGE.
Surprisingly, this rise in adoption is happening while the DOGE price struggles in the market. Despite a 23% decrease in price, network adoption remains bullish. However, this adoption trend does not seem to be positively impacting the DOGE price, suggesting a lack of demand among investors.
It is likely that these new non-zero wallets are created by existing users who want to leverage and trade the newly introduced DRC-20 token standard on the network.
The Future of DOGE Price
To see the DOGE price reach $0.2, a catalyst like Elon Musk announcing Dogecoin payments for X would be necessary. However, if the overall crypto market continues to perform poorly, the DOGE price could drop as low as $0.07 before experiencing a rebound.
Hot Take: Dogecoin Adoption Surges Despite Price Struggles
The number of new Dogecoin addresses being created on the network is skyrocketing, indicating a growing adoption trend. While the DOGE price faces challenges in the market, with a significant decrease, network adoption remains strong. This surge in adoption may not directly impact the price, suggesting that it is driven by existing users looking to take advantage of new trading opportunities rather than attracting new investors. To boost the DOGE price further, a significant catalyst such as Elon Musk’s endorsement could be necessary. However, the overall performance of the crypto market will also play a crucial role in determining the future of DOGE.
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