Sustained expansion in the DOGE network may positively impact prices.
Dogecoin appears to be bustling with network activity despite keeping a low profile for most of last year. Data from the prominent on-chain intelligence platform Intotheblock shows that the OG meme coin saw a 1,100% increase in new addresses over the past week.
January 29 marked a significant milestone with an unprecedented creation of 247,240 new DOGE addresses, signaling an all-time peak. The surge in network activity comes amidst a relative lull on the price side of things.
All Eyes on DOGE
Over the past day alone, DOGE 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 to register monthly losses of nearly 13%.
Last year, the emergence of DRC-20, which was inspired by Bitcoin’s BRC-20 standard, served as a major catalyst in network growth, ultimately 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 market for the first time. While the subsequent network growth did not have any material impact on the meme coin, the latest milestone is expected to be different.
For one, popular on-chain analyst Ali Martinez suggests that this sustained growth in network expansion could hold promising implications for the future trajectory of DOGE prices.
Dogecoin Adoption Curve
Meanwhile, 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 ‘Mavs Fans for Life’ (MFFLs) 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.
India has been one of the major markets for DOGE. The asset is particularly popular among individuals aged 26-35. Recent data from industry experts reveals 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.