Dogecoin Network Activity Surges with 1,100% Increase in New Addresses

According to CryptoPotato, Dogecoin has experienced a significant increase in network activity, with data from on-chain intelligence platform Intotheblock showing a 1,100% increase in new addresses over the past week. January 29 marked a major milestone as 247,240 new DOGE addresses were created, signaling an all-time peak. This surge in network activity comes amidst a relative lull in the cryptocurrency's price.

Over the past day, DOGE's price was down by 3.28%, hovering below $0.08 at the time of writing. The tenth-largest crypto asset by market cap mostly defied the general recovery of the market, registering monthly losses of nearly 13%. Last year, the emergence of DRC-20, inspired by Bitcoin’s BRC-20 standard, served as a major catalyst in network growth, causing a massive spike in Dogecoin’s transactions amidst a bear market. A few months later, the address count on the Dogecoin network crossed the 5 million mark for the first time.

On-chain analyst Ali Martinez suggests that the sustained growth in network expansion could hold promising implications for the future trajectory of DOGE prices. In terms of adoption, Mark Cuban’s NBA team, the Dallas Mavericks, continues to accept DOGE as a payment method alongside Bitcoin, which was introduced in 2019. This addition enables fans to use DOGE to purchase game tickets and merchandise online, broadening access to Mavericks-related products. The ongoing integration of the meme coin indicates growing confidence in DOGE. In India, the asset is particularly popular among individuals aged 26-35, with recent data revealing that within this age bracket, DOGE has surpassed Bitcoin in terms of investment popularity. This demographic segment represents 40% of India’s total of 19 million crypto investors.

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