Dogecoin Network Hits New Milestone With Record-Breaking New Addresses

Dogecoin appears to be bustling with network activity despite keeping a low profile for most of last year. Data from the prominent on-chain intelligence platform Intotheblock shows that the OG meme coin saw a 1,100% increase in new addresses over the past week.

January 29 marked a significant milestone with an unprecedented creation of 247,240 new DOGE addresses, signaling an all-time peak. The surge in network activity comes amidst a relative lull on the price side of things.

Over the past day alone, DOGE was down by 3.28%, hovering below $0.08 at the time of writing. The tenth-largest crypto asset by market cap mostly defied the general recovery of the market to register monthly losses of nearly 13%.

Last year, the emergence of DRC-20, which was inspired by Bitcoin’s BRC-20 standard, served as a major catalyst in network growth, ultimately causing a massive spike in Dogecoin’s transactions amidst a bear market.

A few months later, the address count on the Dogecoin network crossed the 5 million market for the first time. While the subsequent network growth did not have any material impact on the meme coin, the latest milestone is expected to be different.

For one, popular on-chain analyst Ali Martinez suggests that this sustained growth in network expansion could hold promising implications for the future trajectory of DOGE prices.

https://cryptopotato.com/dogecoin-doge-network-hits-new-milestone-with-record-breaking-new-addresses/