Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,321,236,347	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,321,236,347

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00071	0.53%	0.13492	0.13491	0.13494

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00071

0.53%

0.13492

0.13491

0.13494

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13591	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13591

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:00:41	111.20	0.13492	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:00:41

111.20

0.13492

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,028,081.71	74,724,816.76	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,028,081.71

74,724,816.76

Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward

06/02/2024 10:12am

NEWSBTC

Dogecoin, the Shiba Inu-faced cryptocurrency born from a meme, finds itself in an intriguing scenario. Despite a recent 23% price plunge since December, the network is experiencing an unprecedented boom in user adoption, marking a fascinating dichotomy in its current state. DOGE Frenzy: Wallet Growth Skyrockets 86% On the bullish side, non-zero wallets, indicating active users holding DOGE, have witnessed a staggering 7.2% growth since January 22nd. This translates to roughly 414,000 new wallets joining the network in just two weeks, representing the fastest growth in Dogecoin’s decade-long history. These new users primarily hold smaller amounts, suggesting potential for future engagement within the ecosystem. Related Reading: Crypto Winter In Spain? New Taxes Target Digital Assets 🐶 #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 — Santiment (@santimentfeed) February 6, 2024 Furthermore, Dogecoin adoption has skyrocketed by a mind-boggling 86% in the past week, with over 890,000 new addresses appearing on the blockchain, analysts at IntoTheBlock disclosed. Analysts attribute this surge to several factors, including the revival of “Doginals” (NFTs on the Dogecoin chain), the recent release of the iconic game Doom on the Dogecoin blockchain, and the growing popularity of Xpayments, a platform enabling DOGE transactions in the real world. Dogecoin’s Challenge: Balancing Growth And Stability This price volatility highlights a key challenge for Dogecoin: balancing user growth with sustainable value appreciation. While the increasing user base indicates potential for future adoption, the lack of diverse use cases and inherent inflationary nature might hinder long-term price stability. Unlike Bitcoin with its capped supply, Dogecoin has an inflationary model, meaning new coins are continuously created, potentially impacting its value. Dogecoin currently trading at $0.07834 on the daily chart: TradingView.com Major Backers For The Meme Coin Meanwhile, SpaceX – the leading private space exploration company – threw its weight behind Dogecoin by accepting it as payment for the rescheduled DOGE-1 Moon mission. This endorsement not only adds legitimacy to the meme coin but also injects a dose of excitement into the community. Geometric Energy Corporation, the mission’s sponsor, revealed they paid SpaceX in DOGE to secure a new launch date following a delay. While the exact timing remains shrouded in mystery, the news has undoubtedly bolstered community sentiment. However, amidst the user boom, Dogecoin’s price performance paints a contrasting picture. As of February 6th, DOGE is trading at $0.078, reflecting a 0.3% decrease in the last 24 hours and a 3.48% decline over the past week. This dip extends to a 2.77% loss for the month, marking a significant drop from its December peak. Related Reading: Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops Featured image from Adobe Stock, chart from TradingView

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DOGEUSD Dogecoin