Dogecoin Makes History: Is the Bearish Phase About to Change?
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- Dogecoin is experiencing a surge in new addresses at a very fast rate.
- Adoption of Doginals and speculation that the coin would be a payment option for X could be driving the hike.
- DOGE might continue to move between $0.077 and $0.080 in the short term.
According to the crypto analysis tool, ‘Santiment’ on X, over 413,000 Dogecoin (DOGE) wallets holding 0.001 to 1 DOGE have been created within the last two weeks. This development marks the fastest growth rate of the memecoin since its inception.
— Santiment (@santimentfeed) February 6, 2024
#Dogecoin's value is -23% since its top on Dec. 9th. But the #memecoin's wallets with >0 $DOGE coins has been growing at the fastest rate in the network's decade long history. 413.8K new wallets, mostly holding 0.001-1 $DOGE, have been added in 2 weeks. https://t.co/GjDghuB9H9 pic.twitter.com/l6Pv0KvkKW
Reportedly, this network growth has come despite the decrease in DOGE’s price. Since December 9, the price of DOGE has decreased by 23%. However, the increase in the metric suggests that user adoption is high, and could be linked to several reasons.
Two Factors Probably At Play
Although unconfirmed, the su…
The post Dogecoin Makes History: Is the Bearish Phase About to Change? appeared first on Coin Edition.
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Coins
$ 0.0752
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$ 0.00828
$ 0.00...147
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