DOGE Network Usage Increases with Spike in New Wallets
The Dogecoin network is experiencing a surge in activity following a period of disappointing performance. The price of DOGE has surpassed $0.08, leading to an increase in usage on the network. In just one week, nearly 1 million new DOGE wallets were created.
890,000 New Dogecoin Wallets in One Week
Data from IntoTheBlock reveals that the number of new addresses created on the Dogecoin network significantly spiked in the last seven days of January. Within this period, a total of 890,000 new addresses were created. The most notable spike occurred on January 28 and 29, with approximately 240,000 new wallets being created in a single day.
The following day saw a slight decline, but on January 31, another 200,000 DOGE wallets were created. This surge can be attributed to the launch of Doom on the Dogecoin blockchain and potential interest in Xpayments.
Unfavorable Predictions for DOGE Price
According to CoinCodex’s machine learning algorithm, DOGE coin’s future price movements are not favorable. While there may be a small increase in price over the next five days (1.54% rise), the algorithm predicts an 11.13% drop in price over the next month, placing DOGE at $0.071.
Dogecoin Holds Small Gains Amidst Market Cap Ranking
Despite the less optimistic price predictions, Dogecoin has maintained its position as the 10th-largest cryptocurrency with a market cap of $11.37 billion. It has also seen a modest gain of 0.7% over the past day.
Hot Take: DOGE Network Sees Surge in New Wallets Amidst Price Uncertainty
The Dogecoin network has experienced a notable increase in new wallets, with almost 1 million created in just one week. This surge can be attributed to the launch of Doom and potential interest in Xpayments. However, price predictions for DOGE are not favorable, with an expected drop in value over the next month. Despite this uncertainty, Dogecoin continues to hold its position as a top cryptocurrency.
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