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The original meme coin, Dogecoin (DOGE), has struggled with bearish price actions. Despite that, the network is witnessing significant growth, with new addresses increasing by an astounding 1,100% within the previous week.
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
The project saw 247,240 wallets joining on Jan 29, marking an all-time high.
DOGE network growth despite bearish prices
Dogecoin was among the altcoins that led the bearish ride that plagued the entire cryptocurrency market before the spot Bitcoin ETF approval. Nonetheless, the new address resurgence suggests revived interest from whales and investors in DOGE.
Santiment data shows Dogecoin Active Addresses increased by 12% over the past day to 393,060 at this publication. That indicates increased demand for DOGE and its relevance among crypto enthusiasts. Amplified address activity shows bulls’ favor.
Increasing addresses highlight a growing network, which will likely propel DOGE prices in the upcoming days, especially as enthusiasts anticipate a bull run
Dogecoin traded at $0.08155 at press time, following a 0.59% dip within the previous day. The meme coin gained 5.16% over the past week. It remains crucial to witness whether the new addresses would see DOGE recovering from its 10% monthly losses.
Further, real-world use cases such as X-payments integration will cement the token’s status beyond a mere meme, translating to stable growth.
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