3 Key Points
- The Dogecoin network has experienced significant growth, with new addresses increasing by over 31% in a week.
- DOGE address activity suggests potential signals for an upcoming rise in the cryptocurrency’s value.
- Historical patterns of network surges have previously led to notable price increases for Dogecoin.
The Expansion of Dogecoin’s Network
Crypto analyst Ali Martinez recently shed light on the expansion of the Dogecoin network, noting a rise in new DOGE addresses. The data, derived from IntoTheBlock, points to an impressive expansion that could pave the path for price elevation.
Martinez’s analysis uncovered an increase of new DOGE addresses by 31.35% in just the previous week. The growth was particularly stark on December 13, when the number of new daily addresses climbed from 50,000 to a notable 193,000. Since then, the Dogecoin network has seen a consistent influx of new addresses, evidently not dropping below 86,700.
Active Users and Address Balances
Apart from the creation of new addresses, the active participation within the Dogecoin ecosystem has also been robust. In the span of 24 hours, active DOGE addresses hit 166,820 while addresses with non-zero balances soared by 246% over three days.
Will Dogecoin’s Price Reflect Network Activity?
The current pattern exhibits similarities to past DOGE activity that led to a substantial 35% price hike, serving as a cue to the potential trajectory of this cryptocurrency. Despite a recent 11% dip in price, the value of DOGE stands resilient at $0.0947, evoking questions about the likelihood of a repeat in price increase.
Expectations and Speculations
The crypto community is keeping a keen eye on these indicators, as similar previous trends have spawned bullish outcomes. Traders and investors are gauging the impact of the network’s growth on Dogecoin’s valuation, looking toward the future with anticipation for the currency’s impending performance.