Dogecoin Network Sees Remarkable Growth with Over 890,000 New Addresses in Seven Days”
In the past seven days, Dogecoin (DOGE), characterized by its canine-themed branding, has experienced a notable surge in its network, witnessing the creation of more than 890,000 new addresses. This surge in network activity, coupled with an 86% adoption rate for new credentials, highlights the completion of initial transactions by these fresh users.
According to IntoTheBlock, the statistical indicator for the rate of new adoption provides insightful data on the overall activity represented by new entrants, reflecting the adoption rate of these new users. This metric specifically tracks the percentage of new addresses conducting their first transactions among all active addresses on a given day.
Earlier this week, cryptocurrency analyst Ali noted a remarkable growth spurt in Dogecoin’s network, with a staggering 1100% increase in new addresses compared to the previous week. On January 29, a record-breaking 247,240 new DOGE addresses were created, marking an all-time high.
It is worth mentioning that the introduction of the DRC-20 token standard last year contributed significantly to the increased activity on the Dogecoin network.
Despite a 0.74% decrease in the past 24 hours, bringing Dogecoin’s value to $0.078, the cryptocurrency is engaged in a fierce battle between bulls and bears near the $0.08 mark. Traders have consistently resisted downward pressure to surpass this level, but buyers have also shown resilience, indicating a positive sign. This crucial level must be closely monitored, as breaking above it could signify a shift in the short-term trend, potentially pushing Dogecoin towards the resistance zone of $0.10 to $0.11. However, a drop below the $0.07 support level would undermine this optimistic outlook.
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