The demand for the meme coin is at an all-time high, with an average of 8,000 people looking to lay their hands on the popular cryptocurrency, making the recent trend a peak demand period.
Available data has revealed the rush for the canine cryptocurrency from new holders, with a record 8,000 addresses looking to amass the Dogecoin, making it the highest demand in the history of the meme coins.
BscScan, a leading blockchain firm, recently released data indicating that a total of 529,309 wallets are currently holding DOGE. The same data shows that as of February 2, the combined total is at 486,439, which means that 42,870 new entrants joined the DOGE wallet within the last five days.
The analysis by BscScan indicates a possible breakthrough for Dogecoin, bringing it out of the slump in the next couple of days to come and helping to regain its market value. The new upturn calls for optimism, but the value of Dogecoin is yet to improve from its present state. Fortunately, it has recorded a 5% gain for the day when this article is being written.
The trade volume for the day is on the increase, standing at 136.07%, in contrast to the previous trading day.
Additionally, the continued rise in the volume of trade for Dogecoin points to buyers’ readiness to purchase at a reasonable price, leading to an upward trend in the coin’s value. Increased demand for DOGE by meme-hungry buyers is another pointer to a positive outcome for DOGE because such a surge will likely rekindle its growth.
In all this, the Tesla CEO, Elon Musk, is the biggest supporter of the meme coin more than anyone else, such that he sees the coin as the people’s currency. He has initiated retail-driven moves to get the coin to become a standard method of payment.
Musk matches his words by making DOGE an option for payment for some of his merchandise in his car company, Tesla. Such a move has sent a ripple effect on the cryptocurrency industry, going by the reactions that greeted the move by the Tesla boss.
Similarly, Musk also tweeted on January 24, urging McDonald’s to start accepting DOGE as payment for their services with an offer to be broadcast on live TV eating one of their particular packages, “Happy Meal.” McDonald’s, however, threw another challenge at Musk, urging him to allow Tesla to accept GrimaceCoin as payment for its product.
Notwithstanding, the very motive of Musk is to see that the meme coin becomes a part of the transaction process in most places. Nothing seems to stop a billionaire who happens to be the most excellent promoter of DOGE in his quest to place the coin among the earliest and top players in the cryptocurrency industry.
Should the positive trend be maintained, the rush to become a DOGE holder by newcomers and increased accumulation by existing holders is a new phase to be embraced by the DOGE community.