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.
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%.
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).
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
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