Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Historically, Dogecoin (DOGE) might be a meme coin, but over the years, it has grown to become a formidable crypto project with impressive network statistics to show for it. In a promising turn of events, the digital currency has hit a new major milestone in new address count. Data from IntoTheBlock as shared by Ali Martinez pegs the growth rate of these new addresses at 1,100%, with a potential positive upside in the price of the coin in the foreseeable future.
According to the data shared, the 1,100% growth added spanned the period of a week up to Jan. 29. On Jan. 29 alone, the total addresses created on the Dogecoin network came in at approximately 247,240, the highest spike on record. The second-highest event on record came in around Dec. 16, 2013, in which a total of 163,040 wallets were created overall.
This spike shows something good might be brewing on the Dogecoin network, and this is further underscored by other key network trends with a bullish twist. One of these is the whale, or large, transactions that are up by 62.27% to $680.54 million in volume overnight.
Positive setup for DOGE to clean zero
Dogecoin has been on the frontlines in recent times and a major beneficiary of both the good and bad times in the crypto space since the start of a new price rally. At the time of writing, the DOGE price is up 0.9% to $0.08116, bringing its total gains for the month to 4.83%.
While Dogecoin has hovered around two major extremes over the past year, including the $0.05747 and $0.1058 levels, the sole aim now remains for the coin to clear one zero to retest $0.1. With the massive influx of new users, total transaction counts, actions of whales and ambitious community projects, achieving this feat appears likely if the current price trend is sustained.