Dogecoin has enjoyed the love shown to it by prominent figures in the space, such as Elon Musk and Mark Cuban. However, the digital asset has not been doing well since hitting its all-time high of $0.7 in mid-2021. The subsequent price drop has seen Dogecoin lose over 90% of its value since then. . But a new development has started to paint a bullish picture for the digital asset.
New Dogecoin Addresses Are Soaring
One of the reasons the price of Dogecoin has continued to suffer is the lack of interest from the crypto community. Although her community was still pushing the meme coin, she wasn’t seeing enough adoption to push the asset’s value back up. This is, until now, when Dogecoin is starting to see a significant increase in interest.
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New data shows that Dogecoin adoption is on the rise, given the number of addresses transacting on the network. Data from IntoTheBlock shows that the number of new daily DOGE addresses has increased by 256% in the last day.
DOGE price continues to struggle | Source: DOGEUSD on TradingView.com
Dogecoin has now peaked in terms of daily new addresses, rising from its 14.4k point to the new 38.43k number. This increase in the number of people using DOGE on the network indicates healthy growth for the coin meme. So, despite the fact that the price of the digital asset is falling significantly, it attracts investors who are likely to view the current price of the digital asset as a preferred entry point.
Better days ahead
Dogecoin has seen some good things happen in the past week. Apart from seeing a significant jump in his daily addresses, he also underwent an upgrade which brought more good publicity to the meme coin.
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The team recently announced that the Dogecoin site has undergone an overhaul. Since the meme coin has received a lot of bad publicity lately, leading to FUD in her community, she has gone all out to combat this. Dogecoin Core also received an upgrade with software version 1.14.6 going live this week. This was done with the aim of strengthening the network and making transactions more efficient.
On the investor side, Dogecoin holders aren’t faring too badly compared to others in the space. The data show that the majority of DOGE holders still see profits at 52%. This put 45% in the red and 4% of holders currently sitting in neutral territory. The composition of long-term holders also continues to dominate, with 65% holding their coins for more than a year.
Featured image from MarketForces Africa, chart from TradingView.com
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