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Dogecoin

Dogecoin Adoption Explodes As 890,000 New Addresses Are Added

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Crypto News, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has been witnessing an impressive increase in the number of addresses created on the network. Such network expansion is also significant, as crypto analyst Ali Martinez had mentioned how this “could soon reflect positively” on DOGE’s prices.

Related Reading: Could Tether Topple The Crypto Kingdom? JPMorgan Thinks So

890,000 New Dogecoin Addresses Created

Market Intelligence platform IntoTheBlock revealed in an X (formerly Twitter) post that over 890,000 new Dogecoin addresses have been created in the past 7 days. This happened in a week where a record-breaking 247,240 new DOGE addresses were created on January 29 alone. 

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

Noteworthy is the fact that the meme coin wasn’t only seeing an influx of new investors but also an increase in its network activity, suggesting that these users were actively using it. IntoTheBlock noted that the new users made their first transactions, with the new adoption rate reaching as high as 86%. 

DOGE currently trading at $0.07899 on the daily chart: TradingView.com

Interestingly, Dogecoin had previously been reported to be one of the crypto networks continuing to see substantial growth at the beginning of 2024 after a “booming 2023.” Last year, the network was said to have seen a 22% increase in the number of wallets holding the meme coin. 

As a result, DOGE was able to compete with some notable crypto tokens, boasting more token holders than ADA, XRP, and LINK. Meanwhile, there has been an increase in the number of daily transactions on the DOGE network since November. Although the figures dropped sometime in January, data from BitInfoCharts shows that they have picked up once again. 

Interestingly, Dogecoin has recorded over a million daily transactions for the past five days, a period dating back to January 30. 

Reasons For DOGE’s Increased Activity 

IntoTheBlock also outlined two things that could be the reason behind the influx of new users to the Dogecoin network and its increased activity. The first is the renewed interest in Doginals following the release of Doom on the Dogecoin chain. Bitcoinist reported how the blockchain had immortalized the 1993 Video Game ‘DOOM’ with the help of the Doginals feature. 

The renewed interest in Doginals following the release of Doom on the Dogecoin chain & the rumors of Xpayments could be driving new users to Dogecoin

— IntoTheBlock (@intotheblock) February 1, 2024

Similar to Bitcoin Ordinals, Doginals is a network functionality that allows users to inscribe data onto Shibes (the smallest unit of DOGE).

Related Reading: Much Ado About Nothing: Bitcoin Mining Eats Up Only 2% Of US Electricity, Study Finds

Meanwhile, the market intelligence platform alluded to X Payments as the second factor driving Dogecoin’s network growth. There have continued to be speculations that the X platform might integrate DOGE payments into its proposed payment service once it finally launches. 

These rumors are further strengthened because of the fondness that Elon Musk (the owner of the X platform) has for the meme coin. 

Featured image from Adobe Stock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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