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- Dogecoin witnessed a record-breaking surge, with 247,240 new addresses created, signaling potential future price growth.
- The adoption of Ordinals technology on the Dogecoin network contributes to the unprecedented rise in new addresses.
- Analysts foresee a positive outlook for Dogecoin’s price, anticipating a potential surge to $5.
Dogecoin’s (DOGE) network has witnessed an exceptional upswing, marked by an unprecedented surge of 247,240 new addresses. This surge surpasses the previous record set in 2014, shortly after the cryptocurrency’s inception, hinting at potential future escalations in value.
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 remarkable surge in newly established addresses also reflects a remarkable 1,100% rise within a mere week, a significant achievement occurring in the early stages of what appears to be a crypto bull market. The upsurge in new addresses is attributed not only to the renewed interest in the broader crypto market but also to the implementation of Ordinals technology on Dogecoin’s network.
Originating from Bitcoin (BTC), this technology now enables users to partake in the trading of non-fungible tokens (NFTs) on the Dogecoin network. Significantly, projects such as Doge Labs leverage the DRC-20 token standard, allowing users to trade NFTs denominated in the DOGE cryptocurrency.
The introduction of Doginals, as these Dogecoin-based NFTs are dubbed, has generated enthusiasm within the community. The trajectory of this trend remains uncertain, but if it sustains its initial momentum, it could lead to an upswing in demand for DOGE as users seek the cryptocurrency for trading these assets.
As of the current update, Dogecoin is trading at $0.08076, reflecting a moderate 5% growth over the past week. Market analysts express optimism about the future, envisioning the potential for Dogecoin’s value to surge, with some speculating an ambitious climb up to $5.