dogecoin New Addresses Increased by 1100%, Will DOGE Price Reach $0.1?
Dogecoin (DOGE) enthusiasts have reason to celebrate as the popular meme coin is experiencing a surprising surge in growth, sparking optimism about a possible rise in DOGE price. Famous crypto analyst Ali Martinez revealed a chart showing an unprecedented 1,100% increase in new Dogecoin addresses last week.
Meanwhile, the crypto market is abuzz with speculation as to whether this increase in network expansion could push DOGE prices to the much-anticipated $0.1 level.
Dogecoin’s Address Increase Broke a Record
A recent post by crypto analyst Ali Martinez on the X platform sent shockwaves through the Dogecoin community. Martinez shared a chart revealing a staggering 1,100% increase in new Dogecoin addresses in just one week; January 29 witnessed a record-breaking 247,240 new DOGE addresses; a feat that marks an all-time high.
The increase in new addresses, in particular, has fueled speculation regarding the potential impact on DOGE prices. Meanwhile, Martinez suggested that the continued upward trend in network expansion could potentially translate into positive price movements for Dogecoin if it continues. Now, crypto market enthusiasts are following these developments closely and the crypto price is already reflecting a 3% increase at the time of writing.
Source: Ali Charts, X
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DOGE Price Amid Rising Popularity
Market analysts and enthusiasts are closely monitoring Dogecoin’s course, and many are expecting a significant $0.1 milestone. Particularly the positive outlook of analyst Ali Martinez fueled this speculation, arousing curiosity and interest among investors.
Now, the crypto market, known for its dynamic nature, is buzzing with discussions regarding the potential catalysts behind this rise. On the other hand, Dogecoin has also started to gain attention recently due to speculation regarding institutional adoption.
For context, Tesla CEO and X owner Elon Musk, who previously promoted Dogecoin, announced a new “Payments” account through his company X, sparking debate about its potential impact on DOGE’s performance.
Additionally, Dallas Mavericks owner Mark Cuban confirmed that the NBA team continues to adopt Dogecoin as a payment method. This confirmation reaffirms the integration dating back to March 2021, when BitPay allowed Dogecoin payments for merchants and consumers. The early adoption of Dogecoin by the Dallas Mavericks exemplifies the growing acceptance of cryptocurrencies in mainstream sports partnerships.
Meanwhile, as of the time of writing, Dogecoin price was traded at $0.08114, with an increase of 3.13% in the last 24 hours. At the same time, trading volume increased by 140.03% to $566.98 million. DOGE price touched a high of $0.08287 and a low of $0.07845 in the last 24 hours.
As Dogecoin grows in popularity, the crypto community is eagerly awaiting whether this momentum will translate into the expected $0.1 price tag. Due to the inherent volatility of the crypto market, investors remain on high alert, ready to take advantage of potential gains amid the Dogecoin craze.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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