Dogecoin Sees Surge in Network Activity with 1,100% Increase in New Addresses
Despite keeping a low profile last year, Dogecoin has experienced a significant increase in network activity. Data from Intotheblock shows that the meme coin saw a 1,100% surge in new addresses over the past week. On January 29, a record-breaking 247,240 new DOGE addresses were created, marking an all-time high.
All Eyes on DOGE
While DOGE has experienced a decline of 3.28% in the past day and monthly losses of nearly 13%, its network growth remains impressive. Last year, the emergence of DRC-20 led to a spike in Dogecoin’s transactions amidst a bear market. The address count on the Dogecoin network surpassed 5 million for the first time. This sustained growth in network expansion could have promising implications for future DOGE prices.
Dogecoin Adoption Curve
The Dallas Mavericks, owned by Mark Cuban, continue to accept DOGE as a payment method alongside Bitcoin. This integration allows fans to use DOGE to purchase game tickets and merchandise online, expanding access to Mavericks-related products. Additionally, DOGE has gained popularity in India, especially among individuals aged 26-35. Recent data shows that within this age bracket, DOGE has surpassed Bitcoin in terms of investment popularity.
Hot Take: Dogecoin’s Network Growth Signals Promising Future
The remarkable surge in network activity and the creation of new addresses indicate a growing interest and confidence in Dogecoin. Despite recent price declines, the sustained growth of the network could potentially impact the future trajectory of DOGE prices. As more businesses and individuals adopt DOGE as a payment method and its popularity continues to rise, Dogecoin’s network expansion may play a crucial role in its long-term success.
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