Dogecoin Network Sees Surge in New Addresses
Recent on-chain data indicates a significant increase in new addresses being created on the Dogecoin network. These new addresses can provide insights into the adoption of the meme coin, as they are created by both existing users and fresh investors.
Analyst Ali highlights this trend, explaining that new addresses represent users who have engaged in transaction activity for the first time. While some existing users may create additional addresses for privacy or convenience, the influx of new addresses suggests growing interest in Dogecoin.
Growth in Address Creation
Santiment, an on-chain analytics firm, also acknowledges the rapid pace of address creation on the Dogecoin network. Interestingly, Bitcoin is experiencing a similar trend. However, Cardano is not showing any growth in new addresses among the top cryptocurrencies by market cap.
Stagnant DOGE Price
Despite a rally earlier this month, Dogecoin’s price has remained relatively stagnant around $0.093 over the past two weeks. This sideways movement indicates a lack of significant price action for the asset.
Hot Take: Dogecoin Adoption Surges with Increase in New Addresses
The surge in new addresses on the Dogecoin network suggests a growing adoption of the meme coin. With both existing users and fresh investors creating new addresses, it’s evident that interest in Dogecoin is increasing. However, despite this adoption growth, the price of DOGE has remained relatively unchanged recently. It will be interesting to see how these address creations impact the future value and popularity of Dogecoin in the cryptocurrency market.
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