Dogecoin (DOGE) Network Explodes With 890,000 New Addresses in Stunning Surge

Dog-themed cryptocurrency Dogecoin (DOGE) continues to sustain its network growth, with 890,000 new addresses added in a matter of days.

According to IntoTheBlock, over 890,000 new Dogecoin addresses were created in the past seven days. Network activity has also increased, with the new adoption rate hitting 86% as new users completed their first transactions.

The new adoption rate statistic from IntoTheBlock calculates the proportion of new addresses that make their first transaction out of all active addresses on a given day. It provides insight into the proportion of total activity that newcomers account for, reflecting the rate of new user adoption.

Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions.🔗https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO

— IntoTheBlock (@intotheblock) February 1, 2024

This indicator gives information on the network's growth in terms of new user adoption. A higher percentage, as in the Dogecoin instance, could imply a growing network with more new user adoption.

Earlier this week, crypto analyst Ali observed that the Dogecoin network was experiencing a stunning boom in growth, with new addresses jumping by a staggering 1,100% over the previous week. On Jan. 29, a record-breaking 247,240 new DOGE addresses were created, setting an all-time high.

Notably, the advent of the DRC-20 token standard in the past year has led to a significant increase in Dogecoin network activity.

DOGE price

At the time of writing, DOGE was down 0.74% in the last 24 hours to $0.078.

Dogecoin is engaged in a fierce battle between bulls and bears near the $0.08 mark. The bears have frequently rejected bullish attempts to clear this level, but buyers have not given up much ground, which is a favorable sign.

This might be a crucial level to monitor because a break above it will signal a short-term trend change. Dogecoin may climb to the $0.10 to $0.11 resistance zone. This optimistic perspective will be discredited if the Dogecoin price falls and breaks below the $0.07 support.