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Cryptocurrency market’s popular meme token Dogecoin (DOGE) continues its network growth with an addition of 890,000 new addresses in just a few days. According to IntoTheBlock, more than 890,000 new Dogecoin addresses were created in the last seven days.
Adoption Rate in DOGE
As new users complete their first transactions, the new adoption rate has reached 86%. IntoTheBlock’s new adoption rate statistic calculates the ratio of new addresses making their first transactions among all active addresses on a given day. Reflecting the adoption rate of new users, it can provide information about the total activity rate attributed to newcomers.
This indicator can provide information about the growth of the network in terms of new user adoption. A higher percentage, as in the case of Dogecoin, could mean a network growing with the adoption of more new users. Earlier this week, cryptocurrency analyst Ali Martinez reported a striking explosion in the growth of the Dogecoin network, with new addresses showing an astonishing increase of 1,100% compared to the previous week.
DOGE Address Count Reaches Peak
On January 29, a record-breaking 247,240 new DOGE addresses were created, reaching an all-time high. The emergence of the DRC-20 token standard last year led to a significant increase in Dogecoin network activity. As of the writing of this article, the DOGE price has fallen by 0.74% in the last 24 hours to $0.078. Dogecoin is entering a fierce battle between bulls and bears near the $0.08 threshold.
Bears have frequently rejected attempts to rise above this level, but buyers have not given up much ground, which could be a positive sign. This could be a very important level to watch as a breakout above it could indicate a short-term trend change. Dogecoin could climb to the $0.10 to $0.11 resistance zone. If the Dogecoin price falls below the $0.07 support, this optimistic outlook could become invalid.
