Dogecoin Sees 247K New Addresses: Price Surge Ahead?

  • Dogecoin witnessed a record-breaking surge, with 247,240 new addresses created, signaling potential future price growth.
  • The adoption of Ordinals technology on the Dogecoin network contributes to the unprecedented rise in new addresses.
  • Analysts foresee a positive outlook for Dogecoin’s price, anticipating a potential surge to $5.

Dogecoin’s (DOGE) network has witnessed an exceptional upswing, marked by an unprecedented surge of 247,240 new addresses. This surge surpasses the previous record set in 2014, shortly after the cryptocurrency’s inception, hinting at potential future escalations in value. 

Read CRYPTONEWSLAND on Google News google news

The remarkable surge in newly established addresses also reflects a remarkable 1,100% rise within a mere week, a significant achievement occurring in the early stages of what appears to be a crypto bull market. The upsurge in new addresses is attributed not only to the renewed interest in the broader crypto market but also to the implementation of Ordinals technology on Dogecoin’s network. 

Originating from Bitcoin (BTC), this technology now enables users to partake in the trading of non-fungible tokens (NFTs) on the Dogecoin network. Significantly, projects such as Doge Labs leverage the DRC-20 token standard, allowing users to trade NFTs denominated in the DOGE cryptocurrency.

The introduction of Doginals, as these Dogecoin-based NFTs are dubbed, has generated enthusiasm within the community. The trajectory of this trend remains uncertain, but if it sustains its initial momentum, it could lead to an upswing in demand for DOGE as users seek the cryptocurrency for trading these assets.

As of the current update, Dogecoin is trading at $0.08076, reflecting a moderate 5% growth over the past week. Market analysts express optimism about the future, envisioning the potential for Dogecoin’s value to surge, with some speculating an ambitious climb up to $5. 

Read also:

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

28M-banner

related posts