Popular memecoin Dogecoin continues to increase its adoption rate after the pandemic. The expansion of the Dogecoin network happened alongside billions of dollars being invested in this altcoin, which was initially started as a joke.
According to data monitored by on-chain analysis firm IntoTheBlock, the number of wallet addresses holding DOGE has surpassed 5 million for the first time. The number of active wallet addresses on the network has also doubled, reaching the highest level since March 2022, at 168,000.
The number of confirmed transactions on the Dogecoin network has also seen an incredible thousand percent increase in the last 10 days, reaching the highest level of the year. However, the concentration of DOGE ownership remains a significant concern for price stability. According to BitInfoCharts data, less than 5,000 wallet addresses control over 80% of the total circulating DOGE supply.
DOGE’s market value has increased by nearly 11 billion dollars this month, showing a 14% rise, and is currently at 10.95 billion dollars. The increasing adoption and usage of the altcoin are often interpreted as opening the door to increases in market values.
According to the latest data, DOGE is trading at 0.07712 dollars, down 4.78% in the last 24 hours. The altcoin has only seen a very limited increase of 0.12% over the last 7 days, whereas there has been a rise of 11.92% over the last 30 days.