Dogecoin New Addresses Soar 1100%, DOGE Price To Hit $0.1?

Dogecoin (DOGE) enthusiasts have reason to celebrate as the popular meme coin experiences an astonishing surge in growth, sparking optimism about a potential rally in DOGE price. Notably, renowned crypto analyst Ali Martinez has revealed a chart showcasing an unprecedented 1,100% increase in new Dogecoin addresses over the past week.

Meanwhile, the crypto market is buzzing with speculation as to whether this surge in network expansion could propel DOGE prices to the much-anticipated $0.1 mark.

Dogecoin’s Address Growth Breaks Records

A recent post on the X platform by crypto analyst Ali Martinez has sent shockwaves through the Dogecoin community. Martinez shared a chart revealing a staggering 1,100% surge in new Dogecoin addresses in just one week, with January 29 witnessing a record-breaking creation of 247,240 new DOGE addresses—a feat marking an all-time high.

Notably, the surge in new addresses has ignited speculation about the potential impact on DOGE prices. Meanwhile, the sustained uptrend in network expansion, if maintained, could potentially translate into positive price movements for Dogecoin, Martinez suggested. Now, the crypto market enthusiasts are closely monitoring these developments, with the crypto’s price already reflecting a 3% increase at the time of writing.

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DOGE Price Amid Rising Popularity

The market analysts and enthusiasts alike are keeping a keen eye on Dogecoin’s trajectory, with many anticipating a significant milestone of $0.1. Notably, the positive outlook from analyst Ali Martinez has added fuel to this speculation, sparking curiosity and interest among investors.

Now, the crypto market, known for its dynamic nature, is abuzz with discussions on the potential catalysts behind this surge. On the other hand, Dogecoin has also gained traction recently due to speculations over institutional acceptance.

For context, Tesla CEO and X owner Elon Musk, who has previously promoted Dogecoin, announced a new “Payments” account through his company X, generating discussions about its potential influence on DOGE’s performance.

In addition, Dallas Mavericks owner Mark Cuban confirmed that the NBA team continues to embrace Dogecoin as a payment method. This confirmation reaffirms the integration that dates back to March 2021 when BitPay allowed Dogecoin payments for merchants and consumers. The early adoption of Dogecoin by the Dallas Mavericks exemplifies the growing acceptance of cryptocurrencies in mainstream sports partnerships.

Meanwhile, as of writing, the Dogecoin price was up 3.13% over the last 24 hours and traded at $0.08114. Its trading volume also rocketed 140.03% to $566.98 million at the same time. Notably, the DOGE price has touched a high of $0.08287 and a low of $0.07845 in the last 24 hours.

As Dogecoin’s popularity surges, the crypto community eagerly awaits to see if this momentum will translate into the anticipated $0.1 price tag. With the crypto market’s inherent volatility, investors remain on high alert, ready to capitalize on potential gains amidst this Dogecoin frenzy.

Also Read: Binance Selling Its Stake In South Korea’s Crypto Exchange Gopax

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam's expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam's journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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