Home > Information news > DOGE wallets soar at fastest rate in its history

DOGE wallets soar at fastest rate in its history

Release: 2024/02/06 18:01 Reading: 421

Original author:TheBitTimes

Original source:https://coinmarketcap.com/community/articles/65c1fd245dfed0182a8c5ba3

As the majority of assets in the cryptocurrency market have gone into a bearish mode, the dog-themed meme crypto asset Dogecoin (DOGE) has followed suit, but regardless of the pessimistic mood, its community has been growing at an unprecedented rate.

Specifically, Dogecoin has witnessed a growth in the number of crypto wallets holding it at the fastest rate in its decade-long history, adding around 413,800 new wallets in just two weeks, according to the data shared by Santiment in an X post on February 6.

Indeed, the chart shared by the blockchain and cryptocurrency metrics platform’s team shows that there were close to 414k total addresses holding more than 0 DOGE since January 22, having recorded a 7.2% increase, which is the fastest growth rate of all time for the popular digital currency.

$0.1 in the cards?

A week ago, mid-way into this massive growth trend, crypto trading expert Ali Martinez observed a record-breaking addition of 247,240 new DOGE addresses in the week up to January 29, remarking that a “sustained uptrend in network expansion could soon reflect positively on DOGE prices.”

Cryptocurrency

4 cryptocurrencies under $0.10 to buy next week

Cryptocurrency

Short squeeze alert for this week: Two cryptocurrencies with potential to moon

Cryptocurrency

Dogecoin targets $0.1 as addresses grow 1,100% in a week

Cryptocurrency

DOGE could go this high if it gains 1% of total crypto market cap

Cryptocurrency

Dogecoin price prediction; Can DOGE flip Avalanche?

However, the positive effect of the parabolic network expansion on the price of Dogecoin is yet to materialize, as the famous dog crypto has sustained the currently negative sentiment demonstrated by the larger part of the industry, keeping it well below the coveted $0.1 level from December 2023.

Dogecoin price analysis

At press time, DOGE was changing hands at the price of $0.078, indicating a decrease of 0.3% in the last 24 hours, adding up to the decline of 3.48% across the previous seven days and a loss of 2.77% over the month, as per the most recent chart data on February 6.

All things considered, the impressive surge in the number of new DOGE addresses could, indeed, assist the digital asset in growing its price in the near future. Still, this effect is yet to show any strength in the face of the strong downward pressure from the general crypto market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/doge-wallets-soar-at-fastest-rate-in-its-history-tbt79003.html

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.