The Dogecoin (DOGE) network has experienced a significant increase in activity, with a surge of 890,000 new addresses in the span of a week. This growth is indicative of a rising interest in the meme-based cryptocurrency, which has been gaining popularity since its inception.
Adoption Rate in DOGE
The adoption rate among these new addresses is noteworthy, with 86% of them engaging in their first transactions. This metric, provided by IntoTheBlock, reflects the proportion of new participants in the network and suggests a robust influx of newcomers contributing to the overall activity.
The substantial increase in new Dogecoin addresses, highlighted by analyst Ali Martinez, represents an 1,100% jump from the previous week. This explosive growth is a clear sign of Dogecoin’s expanding footprint in the cryptocurrency landscape.
January 29 marked a milestone for Dogecoin with a record 247,240 new addresses created in a single day. This peak in address creation coincides with the introduction of the DRC-20 token standard, which has catalyzed network activity.
Despite a minor price dip to $0.078 in the last 24 hours, Dogecoin’s market position remains contentious. The price hovers near the critical $0.08 mark, with resistance from sellers and persistent buying interest, hinting at potential upward momentum or a pivotal trend shift.