$0.1 in the cards?
Despite the overall bearish sentiment in the cryptocurrency market, Dogecoin (DOGE) has been experiencing significant growth in its community. In just two weeks, around 413,800 new wallets holding DOGE have been added, marking the fastest rate of growth in its history. This data was shared by Santiment, a blockchain and cryptocurrency metrics platform.
A week ago, crypto trading expert Ali Martinez noted a record-breaking addition of 247,240 new DOGE addresses in one week. He suggested that this expansion could have a positive impact on DOGE prices. However, the price of Dogecoin has not yet reflected this network growth, as it remains below the desired $0.1 level.
Dogecoin price analysis
Currently, DOGE is trading at $0.078, with a slight decrease of 0.3% in the last 24 hours. Over the past seven days, it has declined by 3.48%, and over the month, it has seen a loss of 2.77%. Despite the surge in new DOGE addresses, the downward pressure from the general crypto market continues to affect its price.
Hot Take: Dogecoin’s Growing Community Faces Market Challenges
The number of wallets holding Dogecoin has been increasing rapidly, setting a new record for growth. However, this impressive surge in community members has not yet translated into a significant boost in price. Despite its loyal following and meme status, Dogecoin remains subject to market forces and negative sentiment prevailing throughout the cryptocurrency industry.
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