The Dogecoin (DOGE) network has continued to experience explosive growth over the past few months. According to on-chain analytics firm IntoTheBlock, the number of new addresses created on the network has skyrocketed 1100% over the past week.
247K New Addresses in One Day
A chart from the firm shows that on January 29 alone, a record-breaking 247,240 new DOGE addresses were created, hitting an all-time high in the process. Moreover, the chart also revealed that the number of new DOGE addresses has steadily climbed since the beginning of the year but spiked dramatically in the past week.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
— Ali (@ali_charts) January 30, 2024
Analysts believe that a sustained uptrend in newly created addresses on the network could soon reflect positively on the price of DOGE.
At the time of writing, the leading memecoin was trading at $0.08115, gaining 1% in the past 24 hours. The coin rose 5.4% in the past seven days. Analysts recently predicted that the coin could be on its way to $5 in the near future.
While it’s still early to say whether the surge in new addresses will translate into higher DOGE prices, the activity is a positive sign for the future of the memecoin.
Meanwhile, the surge in activity suggests a growing interest in the network, which several factors, including the recent rise in DOGE’s price, the increasing popularity of the meme coin, and the continued development of the Dogecoin ecosystem, could drive.
Impressive Growth
The latest development adds to the network’s impressive performance over the past few months. In November, the number of crypto addresses holding DOGE hit 5 million for the first time.
At the same time, the number of active addresses on the DOGE network surged to 168,000, marking the highest engagement since March 2022. Moreover, the number of confirmed transactions on the network also spiked simultaneously to its highest level since June.
