Dogecoin Sees Massive Spike in New Addresses: Is This Comeback of DOGE?

Dogecoin is witnessing a substantial uptick in its network activity. Over the past week, over 890,000 new Dogecoin addresses have been created, paired with a notable surge in activity, with an 86% adoption rate as these new users engage in their first transactions. 

This resurgence could be attributed to two significant developments: the release of the iconic game Doom on the Dogecoin blockchain and the swirling rumors about Dogecoin's potential integration with X payment platforms.

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

The porting of Doom onto Dogecoin has been executed through a protocol that allows for the storage of extensive data on the blockchain. Doom has been permanently inscribed onto the Dogecoin network, leveraging Dogecoin's blockchain exclusively for game data retrieval. While this event has sparked excitement and could be seen as a playful marketing trick, it still worked out well, with all the necessary game data being retrieved successfully. 

However, a more substantial driver for this renewed interest likely lies in the potential application of Dogecoin in X payments platforms. The integration into broader payment systems could signal a turning point for Dogecoin's utility, transitioning from a meme token to a viable microtransaction tool.

Analyzing Dogecoin's price chart, the currency shows potential signs of a rebound. Dogecoin is currently flirting with a support level around $0.078 which, if held, could serve as a launchpad for upward movement. The next significant price target lies near the $0.088 resistance level. 

A break above this could pave the way for Dogecoin to challenge the $0.09 mark, and if the bullish momentum continues, reaching for the psychological barrier of $0.1 is not impossible.