X Payments

Dogecoin

Elon Musk

<a href="https://bitcoinist.com/dogecoin-adoption-1100-price/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin</a> has been witnessing an impressive increase in the <a href="https://bitcoinist.com/dogecoin-5-million-doge-holders/" target="_blank" rel="noopener noreferrer nofollow">number of addresses</a> created on the network. Such network expansion is also significant, as crypto analyst Ali Martinez <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-doge-ready-to-pop/#:~:text=Dogecoin%20(DOGE)%20is%20getting%20ready,be%20added%20for%20it%20soon." target="_blank" rel="noopener noreferrer nofollow">had mentioned</a> how this “could soon reflect positively” on <a href="https://bitcoinist.com/dogecoin-price-jumps-on-cubans-doge-revelation/" target="_blank" rel="noopener noreferrer nofollow">DOGE’s prices</a>.
<h2 id="b-890-000-new-dogecoin-addresses-created-b">890,000 New Dogecoin Addresses Created</h2>
Market Intelligence platform IntoTheBlock revealed in an X (formerly Twitter) <a href="https://x.com/intotheblock/status/1753032406242644163?s=20" target="_blank" rel="noopener noreferrer nofollow">post</a> that over 890,000 new Dogecoin addresses have been created in the past 7 days. This happened in a week where a record-breaking <a href="https://bitcoinist.com/dogecoin-adoption-1100-price/" target="_blank" rel="noopener noreferrer nofollow">247,240 new DOGE addresses</a> were created on January 29 alone.&nbsp;
<blockquote class="twitter-tweet">
 Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/sVl5CEGkou" target="_blank" rel="noopener noreferrer nofollow">https://t.co/sVl5CEGkou</a> <a href="https://t.co/0LxATAEGaO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/0LxATAEGaO</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1753032406242644163?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 1, 2024</a>
</blockquote>
Noteworthy is the fact that the meme coin wasn’t only seeing an influx of new investors but also an increase in its network activity, suggesting that these users were actively using it. IntoTheBlock noted that the new users made their first transactions, with the <a href="https://bitcoinist.com/dogecoin-cardano-kick-2024-off-2023-adoption-trend/" target="_blank" rel="noopener noreferrer nofollow">new adoption rate</a> reaching as high as 86%.&nbsp;
Interestingly, Dogecoin had <a href="https://bitcoinist.com/dogecoin-cardano-kick-2024-off-2023-adoption-trend/" target="_blank" rel="noopener noreferrer nofollow">previously been reported</a> to be one of the crypto networks continuing to see substantial growth at the beginning of 2024 after a “booming 2023.” Last year, the network was said to have seen a 22% increase in the <a href="https://bitcoinist.com/dogecoin-5-3-million-holders-compares-top-coins/" target="_blank" rel="noopener noreferrer nofollow">number of wallets</a> holding the meme coin.&nbsp;
As a result, DOGE was able to compete with some notable crypto tokens, <a href="https://bitcoinist.com/dogecoin-5-million-doge-holders/" target="_blank" rel="noopener noreferrer nofollow">boasting more token holders</a> than ADA, XRP, and LINK. Meanwhile, there has been an increase in the number of daily transactions on the DOGE network since November. Although the figures dropped sometime in January, <a href="https://bitinfocharts.com/comparison/dogecoin-transactions.html#1y" target="_blank" rel="noopener noreferrer nofollow">data</a> from BitInfoCharts shows that they have picked up once again.&nbsp;
Interestingly, Dogecoin has recorded over a million daily transactions for the past five days, a period dating back to January 30.&nbsp;
<h2 id="b-reasons-for-doge-s-increased-activity-b">Reasons For DOGE’s Increased Activity&nbsp;</h2>
IntoTheBlock also <a href="https://x.com/intotheblock/status/1753035351000601021?s=20" target="_blank" rel="noopener noreferrer nofollow">outlined</a> two things that could be the reason behind the influx of new users to the Dogecoin network and its increased activity. The first is the renewed interest in <a href="https://www.newsbtc.com/news/dogecoin/the-dogecoin-surge-unveiling-the-catalyst-behind-rising-transactions/" target="_blank" rel="noopener noreferrer nofollow">Doginals</a> following the release of Doom on the Dogecoin chain. Bitcoinist <a href="https://bitcoinist.com/dogecoin-immortalizes-1993-video-game-doom/" target="_blank" rel="noopener noreferrer nofollow">reported</a> how the blockchain had immortalized the 1993 Video Game ‘DOOM’ with the help of the Doginals feature.&nbsp;
<blockquote class="twitter-tweet">
 The renewed interest in Doginals following the release of Doom on the Dogecoin chain &amp; the rumors of Xpayments could be driving new users to Dogecoin
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1753035351000601021?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 1, 2024</a>
</blockquote>
Similar to <a href="https://bitcoinist.com/bitcoin-ordinals-nfts-ordi-token/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Ordinals</a>, Doginals is a network functionality that allows users to inscribe data onto Shibes (the smallest unit of DOGE).
Meanwhile, the market intelligence platform alluded to <a href="https://bitcoinist.com/dogecoin-x-peer-to-peer-payments/" target="_blank" rel="noopener noreferrer nofollow">X Payments</a> as the second factor driving Dogecoin’s network growth. There have <a href="https://bitcoinist.com/investors-shift-focus-from-binance-coin-bnb-and-ripple-xrp-to-chase-profit-on-the-algotech-algt-presale/" target="_blank" rel="noopener noreferrer nofollow">continued to be speculations</a> that the X platform might integrate DOGE payments into its proposed payment service once it finally launches.&nbsp;
These rumors are further strengthened because of the <a href="https://bitcoinist.com/dogecoin-tesla-ceo-elon-musk/" target="_blank" rel="noopener noreferrer nofollow">fondness that Elon Musk</a> (the owner of the X platform) has for the meme coin.&nbsp;
Featured image from Adobe Stock, chart from TradingView

Dogecoin Adoption Explodes As 890,000 New Addresses Are Added

Table of Contents

Bitcoinist

Other articles published on Feb 3, 2024

Important SHIB Burn Clarification Made by Shiba Inu Member

Due diligence gives Spot Bitcoin ETFs a reality check

Solana and Cardano Whales Shift Focus to a New Cryptocurrency; Analysts Believe It Will Explode S...

Top Affordable Cryptocurrency Poised to Mirror Shiba Inu’s (SHIB) Success

This Trader Could Soon Hit Millionaire Status Following a Substantial Investment in a New SOL Riv...

SEC charges American Bitcoin Academy founder in $1.2m crypto fraud scheme

Join our free newsletter for daily crypto updates!