According to him, the number of daily new addresses for Dogecoin has increased by 265% in just two months. Despite market consolidation in the cryptocurrency industry over the past few months, the situation remains the same.
One of the best ways to understand the behavior of a blockchain network is by analyzing its so-called “on-chain” activities. This provides information on how the network is growing, how it behaves, and whether there are any interesting patterns that can tell us about the level of user interest in that digital asset.
Dogecoin address growth
Cryptocurrency analyst Ali Martinez shared information from IntoTheBlock, showing that DOGE addresses have increased by 265% in just two months. According to the information released by the expert, the addresses have increased from 14.47 to 38.43, and it is worth noting that during the same period, the price of Dogecoin has decreased from $0.082 to $0.068.
#Dogecoin
Over the past 15 months, the price has dropped by about 2%, from $0.082 to $0.068. Meanwhile, the number of new daily addresses for $DOGE has surged by 265%, increasing from 144,700 to 384,300.
The continuously growing network expansion is a positive sign that may soon be reflected in the #DOGE price.
pic.twitter.com/8gwceJVARw
– Ali Martinez (@ali_charts) July 29, 2022
According to CoinGecko, Dogecoin (DOGE) is currently the 11th largest cryptocurrency in the market. The price of one token is $0.06923, with a market capitalization of $924 million. It is worth noting that during the bull market in 2021, the price of Dogecoin reached above $0.73.
Elon Musk’s support
Blockchain activities are a very important indicator of how users evaluate a network, and this indicator is not always represented by the price of the coin. In the future, if demand increases, the price of this cryptocurrency may rise. Additionally, if Elon Musk writes some articles about Dogecoin, the price of this digital currency is expected to rise.
Elon Musk has previously commented on Dogecoin, even adding it as a payment method for purchases on Tesla’s online store. This has increased interest in the asset, which is now ranked among the top 20 cryptocurrencies. Before Elon Musk’s intervention, meme cryptocurrencies lagged significantly in the rankings.
Another noteworthy point is that Coinbase Commerce has added support for DOGE and Shiba Inu (SHIB). This may help increase the use of these two cryptocurrencies for paying for goods and services. However, people tend to see cryptocurrencies as an investment tool rather than a currency for exchanging other things.
According to Google Trends data, interest in Dogecoin has been declining since mid-2021. Unless another bull market emerges to attract new investors and traders to the industry, this trend may continue in the future.
Google Trends
is a very useful tool that can help us understand what content people are interested in. It is based on real user Google searches. It can also provide information about geographical areas and how interests vary by world countries or regions.
