Dogecoin Network Sees Milestone
The network of the meme-inspired cryptocurrency Dogecoin has seen the number of addresses with a balance crossing the 5 million milestone. The surge occurred over the past few weeks as cryptocurrency adoption has been rising.
Rise in Active Addresses and Exponential Growth
Figures from on-chain analytics firm IntoTheBlock show the Dogecoin network just surpassed five million addresses with a balance after considerable growth. The number of active addresses has more than doubled, reaching 168,000, the highest level since March of last year.
Confirmations and Price Surge
The confirmation of the rise in the number of addresses came as there were rising numbers of confirmed transactions on the Dogecoin network amidst a nearly 16% increase in the cryptocurrency’s price, now trading at $0.08 per token over the past 30 days.
Older DOGE Moving Out of Wallets
The rise came after a significant amount of older DOGE holdings started moving out of dormant wallets which could be a sign that the meme-inspired cryptocurrency’s prices could see a rise soon.
Performance and Dogecoin in 2021
Despite these developments, Dogecoin has been underperforming compared to other major digital assets, with only a 14% increase in value so far over the previous year.
Implications of Futures Contracts’ Open Interest
Dogecoin futures contracts’ open interest has also surged by around 40%, indicating heightened risk appetite among traders in a trend that has historically signaled local price peaks in cryptocurrency markets.
Historical Rallies and Community Projects
It is important to note that Dogecoin has historically seen significant rallies over short periods of time, and its community is renowned for engaging in philanthropic projects and charitable efforts.
A Fun Beginning and Impact on The Real World
Created back in 2013, Dogecoin was originally a joke but has since had an impact on the real world, including enabling the Jamaican bobsleigh team to attend the Winter Olympics in Sochi in 2014.
Dogecoin and Charitable Activities
Dogecoin’s community is well-known for taking on philanthropic projects, including helping charitable organizations, and it has made headlines for raising funds to support various causes.
Featured image via Unsplash.
Hot Take
Dogecoin has been gaining popularity rapidly and its community has shown significant support for charitable projects. Its performance as both an investment and a meme has shown interesting trends, indicating rising interest in the cryptocurrency market.
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