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Historically, Dogecoin (DOGE) might be a meme coin, but over the years, it has grown to become a formidable crypto project with impressive network statistics to show for it. In a promising turn of events, the digital currency has hit a new major milestone in new address count. Data from IntoTheBlock as shared by Ali Martinez pegs the growth rate of these new addresses at 1,100%, with a potential positive upside in the price of the coin in the foreseeable future.
According to the data shared, the 1,100% growth added spanned the period of a week up to Jan. 29. On Jan. 29 alone, the total addresses created on the Dogecoin network came in at approximately 247,240, the highest spike on record. The second-highest event on record came in around Dec. 16, 2013, in which a total of 163,040 wallets were created overall.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
— Ali (@ali_charts) January 30, 2024
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
This spike shows something good might be brewing on the Dogecoin network, and this is further underscored by other key network trends with a bullish twist. One of these is the whale, or large, transactions that are up by 62.27% to $680.54 million in volume overnight.
Positive setup for DOGE to clean zero
Dogecoin has been on the frontlines in recent times and a major beneficiary of both the good and bad times in the crypto space since the start of a new price rally. At the time of writing, the DOGE price is up 0.9% to $0.08116, bringing its total gains for the month to 4.83%.
While Dogecoin has hovered around two major extremes over the past year, including the $0.05747 and $0.1058 levels, the sole aim now remains for the coin to clear one zero to retest $0.1. With the massive influx of new users, total transaction counts, actions of whales and ambitious community projects, achieving this feat appears likely if the current price trend is sustained.