Daily Active Dogecoin Addresses Surged 265% in Two Months, Data Shows
Categories: Crypto News US
Daily Active Dogecoin Addresses Surged 265% in Two Months, Data Shows
Dogecoin's price has fallen nearly 15% over the past two months amid a broader cryptocurrency market slump that has been accelerated by a wave of contagion events. However, active addresses on the Dogecoin network increased by 265%.
According to data from blockchain analytics firm IntoTheBlock shared by cryptocurrency analyst Ali Martinez, the number of daily active addresses on the $DOGE network increased from around 14,470 to more than 38,430 in two months.According to the analyst, the increase in network growth is a “positive sign, which may soon be reflected in the price of DOGE.”
While the price of the meme-inspired cryptocurrency remains relatively muted, its adoption rate continues to grow. Late last month, DOGE, along with the Shiba Inu ($SHIB), was added as a payment option on Coinbase Commerce, a division of Nasdaq-listed exchange Coinbase Global.
The move comes as Coinbase Commerce moved to make crypto payments "easier and more accessible". The developers behind the meme-inspired cryptocurrency recently released its core 1.14.6 upgrade, which introduced security updates and changes to its network efficiency as it changed the dust limit for all network participants from 1 DOGE to 0.01 DOGE .
The dust limit sets the minimum amount of currency that can be used to process transactions on the blockchain. Robinhood Crypto's first COO from April 2021 to March 2022, Christine Brown, argued last month that DOGE "doesn't get the credit it deserves" for helping further cryptocurrency adoption.
Last year, search interest for DOGE exploded ahead of the cryptocurrency's 10,000% rally, which saw it hit a new all-time high near $0.75. The cryptocurrency has since lost most of its value and is now trading at $0.068.