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Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact

source-logo  beincrypto.com 06 February 2024 11:26, UTC

Dogecoin, the meme-inspired digital asset, has witnessed a remarkable increase in the number of its holders.

Despite experiencing a 27% decline in market value since December 11, 2023, an analysis by crypto analytics firm Santiment reveals a surge in Dogecoin wallets. This unprecedented expansion has set a new record for the Dogecoin network.

Dogecoin Network Grows as Speculation Mounts

In the last two weeks, the Dogecoin network welcomed an astonishing 413,800 new wallets, mostly holding 0.001 to 1 Dogecoin. This rapid surge in new holders represents the quickest growth rate in the network’s decade-long history, sparking curiosity and speculation about Dogecoin’s future.

Dogecoin Network Growth. Source: Santiment

Adding to the list of positive developments, SpaceX has accepted Dogecoin for the rescheduled DOGE-1 Mission to the Moon.

Geometric Energy Corporation (GEC) CEO Samuel Reid shared insights into the transaction. After its initial postponement, GEC compensated SpaceX in Dogecoin to secure a new slot for the DOGE-1 Mission. Initially slated for a 2022 launch aboard the SpaceX Falcon 9 rocket, the mission faced delays due to the satellite’s unpreparedness for the Intuitive Machines IM-1 launch.

It is worth noting that the repeated postponements have led to a growing sense of frustration among community members. Cryptocurrency educator Randi Hipper epitomized this sentiment, expressing her skepticism about the project’s timeline.

“Does this mean another pushback, or is the launch still scheduled for February?” Hipper questioned.

Read more: (DOGE) Dogecoin Price Prediction 2024

Dogecoin Price Performance. Source: TradingView

On the other hand, the technical analysis of Dogecoin paints a picture of consolidation. With the meme coin trading in a narrow range, investors and enthusiasts closely monitor resistance at $0.082 and support at $0.077. The outcome of this consolidation phase could set the tone for Dogecoin’s price trajectory in the near term.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.