News - Dogecoin sets new record
Dogecoin is experiencing remarkable growth with a surge in new addresses, probably driven by the emergence of "doginals." However, this phenomenon is not causing a significant increase in the DOGE exchange rate.
Let's take a closer look at these developments:
Explosive Growth in New Addresses: On Jan. 29, a record 247,240 new Dogecoin addresses were registered, representing an impressive 1.100% increase in just one week. This brings the total number of active addresses to more than five million, a milestone that Dogecoin reached back in November 2023.
Trend toward Doginals: This growth appears to be closely tied to the trend of doginals. Like Bitcoin ordinals, doginals allow users to integrate files into the smallest Dogecoin units, the "shibes. This new use of blockchain technology could be a key factor in the increase in the number of new Dogecoin addresses.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!— Ali (@ali_charts) January 30, 2024
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
Support by OKX: Recently, the crypto exchange OKX announced it will support the Doginals token standard (DRC-20). This move adds to the popularity of doginals within the Dogecoin community.
Stable DOGE Price: Despite these interesting developments, the price of DOGE remains fairly stable. There is a slight increase of one percentage point compared to last week, with the price currently hovering around seven cents.
This data shows that although there is a clear increase in activity around Dogecoin, it does not directly lead to a significant increase in the price of the coin. It remains interesting to see how this trend develops and whether it will have a long-term impact on the value of DOGE.