Dog-themed cryptocurrency Dogecoin (DOGE) continues to sustain its network growth, with 890,000 new addresses added in a matter of days.
Dog-themed cryptocurrency Dogecoin (DOGE) continues to sustain its network growth, with 890,000 new addresses added in a matter of days.
According In the block, over 890,000 new Dogecoin addresses were created in the last seven days. Network activity has also increased, with a new adoption rate reaching 86% as new users completed their first transactions.
The new IntoTheBlock adoption rate statistic calculate the proportion of new addresses making their first transaction among all active addresses on a given day. Provides information on the proportion of total activity represented by newcomers, reflecting the adoption rate of new users.
This indicator provides information about the growth of the network in terms of new user adoption. A higher percentage, as in the case of Dogecoin, could imply a growing network with greater adoption of new users.
Earlier this week, crypto analyst Ali noted that the Dogecoin network was experiencing a surprising surge in growth, with new addresses jumping a staggering 1,100% from the previous week. On January 29, a record 247,240 new DOGE addresses were created, setting an all-time high.
Notably, the arrival of the DRC-20 token standard last year has led to a significant increase in Dogecoin network activity.
DOGE price
At the time of writing, DOGE was down 0.74% in the last 24 hours to $0.078.
Dogecoin is engaged in a fierce battle between bulls and bears near the $0.08 mark. The bears have frequently rejected bullish attempts to break above this level, but the buyers have not given up much ground, which is a favorable sign.
This could be a crucial level to monitor because a break above it will signal a short-term trend change. Dogecoin may rise to the $0.10 to $0.11 resistance zone. This optimistic outlook will be debunked if Dogecoin price falls and breaks below the $0.07 support.
