Dogecoin Network Activity Surges with an 86% Increase
Date: 2024-02-06 Author: Dima Zakharov Categories: BLOCKCHAIN
Dogecoin, like many other altcoins, had a challenging start to the new year, with its value plummeting by 14% since the end of 2023. Technical indicators were not pointing towards a bright future either. However, a sudden increase in network activity has injected some optimism into the DOGE community.
With the rise in this crucial metric, the adoption of Dogecoin (DOGE) has surged by 86%. Data from IntoTheBlock reveals that in just the last week, 890,000 new addresses have appeared on the network.
Moreover, the number of daily active DOGE addresses has significantly increased. Between January 23rd and February 2nd, the count grew by over 300,000. Some cryptocurrency enthusiasts speculate that this uptick may be linked to the launch of the video game DOOM on the Dogecoin blockchain.
The 1993 video game is undoubtedly one of the most beloved shooters of all time. Its release on the Dogecoin platform was a pivotal moment for both game enthusiasts and meme coin holders. However, it's challenging to conclusively assert whether this development played a role in improving the network's performance.
Nevertheless, many perceive the increase in network activity as a promising sign of an impending price surge. Some experts even suggest that the price of DOGE could rise by 25% in the near future. Establishing the $0.10 mark as a key support level will likely pave the way for an upward trend.
