Dogecoin DOGE continues to witness a significant increase in the number of new addresses created over the past week, with over 890,000 new addresses recorded in the last 7 days alone.
This surge in activity is accompanied by a spike in adoption rates, with approximately 86% of new users making their inaugural transactions.
Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions.
— IntoTheBlock (@intotheblock) February 1, 2024
Analysts attribute this renewed interest in Dogecoin to the recent release of Doom on the Doge chain and rumors surrounding Xpayments, which have attracted new users to the meme-inspired cryptocurrency.
Additionally, the upcoming Doge-1 moon mission in February has further fueled optimism within the Dogecoin community.
Dogecoin DOGE Price Action To Watch
Despite the anticipation and buzz surrounding Doge, the impact has yet to fully reflect on its price, which has seen a modest 2% gain over the past 7 days, currently up by 1% in the last 24 hours.
Moreover, Doge has experienced a 27% decline in its trading volume over the past 24 hours, currently trading at $0.079.
Experts remain cautiously optimistic about Doge’s future trajectory, anticipating potential upsides while also acknowledging the possibility of a pullback.
The Doge community remains abuzz with excitement and anticipation as they await further developments and milestones in the journey of the popular cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.