Dogecoin has witnessed an impressive increase in number of addresses created on the network. This expansion of the network is also significant, as stated by cryptanalyst Ali Martínez. had mentioned how this “could soon reflect positively” on DOGE Prices.
890,000 new Dogecoin addresses created
IntoTheBlock Market Intelligence Platform revealed in an X (formerly Twitter) mail that more than 890,000 new Dogecoin addresses have been created in the last 7 days. This happened in a week in which a record was broken. 247,240 new DOGE addresses They were created only on January 29.
Over 890,000 new Dogecoin addresses were created in the last 7 days. Activity also skyrocketed, with the new adoption rate reaching 86% as new users made their first transactions.
https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO– IntoTheBlock (@intotheblock) February 1, 2024
Of note is the fact that the meme coin was not only seeing an influx of new investors but also an increase in its network activity, suggesting that these users were actively using it. IntoTheBlock noted that new users made their first transactions, with the new adoption rate reaching up to 86%.
DOGE currently trading at $0.07899 on the daily chart: TradingView.com
Interestingly, Dogecoin had been previously reported be one of the crypto networks that continues to see substantial growth in early 2024 after a “booming 2023.” Last year, the network was said to have seen a 22% increase in number of wallets holding coin meme.
As a result, DOGE was able to compete with some notable crypto tokens. with more token holders than ADA, XRP and LINK. Meanwhile, there has been an increase in the number of daily transactions on the DOGE network since November. Although the numbers fell at some point in January, data BitInfoCharts shows that they have recovered once again.
Interestingly, Dogecoin has recorded over one million daily transactions over the past five days, a period dating back to January 30.
Reasons for the increase in DOGE activity
IntoTheBlock too border two things that could be the reason behind the influx of new users to the Dogecoin network and its increased activity. The first is the renewed interest in doginal following the launch of Doom on the Dogecoin chain. Bitcoinist reported how blockchain had immortalized the 1993 video game 'DOOM' with the help of the Doginals feature.
Renewed interest in Doginals following the release of Doom on the Dogecoin chain and rumors of Xpaids could be driving new users to Dogecoin.
– IntoTheBlock (@intotheblock) February 1, 2024
Similar to bitcoin OrdinalsDoginals is a network functionality that allows users to enroll data in Shibes (the smallest unit of DOGE).
Meanwhile, the market intelligence platform alluded to X Payments as the second factor driving the growth of the Dogecoin network. There they have They continued to be speculations that Platform X could integrate DOGE payments into its proposed payment service once it is finally launched.
These rumors are further reinforced due to the honey that Elon Musk (the owner of platform
Featured image from Adobe Stock, TradingView chart
