The number of active Dogecoin (DOGE) addresses is close to 5 million
Date: 2023-08-05 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Popular memcoin Dogecoin (DOGE) is showing significant signs of fundamental growth.
According to the analytical platform IntoTheBlock, the number of active addresses in the Dogecoin network is approaching 5 million. The rapid growth of the user base indicates the increased interest of market participants in DOGE and the widespread use of the underlying asset.
What to expect from Dogecoin in the future
Despite its impressive performance, Dogecoin still has no real use cases and is perceived by many investors solely as a coin for short-term speculation. Although memcoin boasts the support of a Reddit community of 2.4 million members, second in size only to r/Bitcoin, critics often question its sustainability and point out that DOGE was created as a joke.
The influence of the eccentric billionaire Elon Musk on Dogecoin is also often perceived as a negative factor by members of the crypto community. On May 8, 2021, during his famous Saturday Night Live (SNL) monologue, Elon Musk called DOGE a "hustle". After that, the price of the coin collapsed by almost 52% - from $0.69 to $0.31. And when the Dogecoin logo suddenly appeared on the main page of Twitter, memcoin quotes soared by 35% - from $0.075 to $0.11.
However, the situation may change radically. Back in 2022, there were rumors that Ethereum co-founder Vitalik Buterin and other developers were working on building a smart contract platform for Dogecoin. Its appearance could lead to a fundamental change in the position of DOGE in the cryptocurrency market and provide a much-needed impetus for memcoin to move into a more specific functional area.
Unfortunately, this theory has not yet been confirmed, since Vitalik and his team have not presented any product.
