Dogecoin

Elon Musk

<p class="p2">The Dogecoin adoption trend has taken the crypto market by surprise after the number of new wallets being created on the network skyrocketed. Last week, new wallet creations were the center of attention as more than 890,000 new DOGE wallets were added in a single week. This time around, a new <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-adoption-rate-ath-doge/">Dogecoin metric is taking the stage</a>.</p> 
<h2 class="p2" id="new-non-zero-dogecoin-addresses-rise-rapidly">New Non-Zero Dogecoin Addresses Rise Rapidly</h2> 
<p class="p2">In a new <a href="https://twitter.com/santimentfeed/status/1754692279934374330" rel="nofollow">report</a>, the on-chain data tracking platform Santiment has identified rapid growth in one Dogecoin metric and that is the number of new non-zero addresses. These addresses include those that were created in the last week and are holding more than 0.001 DOGE on their balances.</p> 
<p class="p2">The report shows that this category of addresses jumped more than 400,000 in the space of two weeks. More specifically, 413,800 new wallets have been added in the last week, with DOGE balances ranging from between 0.001 and 1 DOGE. This earns them the classification of non-zero balances.</p> 
<p class="p2">Interestingly, this rapid rise in adoption happened at a time when the DOGE price was&nbsp;struggling to hold up in the market. As Santiment notes in its post, the <a href="https://www.newsbtc.com/news/dogecoin-orbit-expands-over-890000-new-addresses-join-doge-community/">DOGE</a> price is down more than 23%, while network adoption has been on a bullish run.</p> 
<p class="p2">However, this rise in adoption does not have a positive effect on the DOGE price, suggesting that there isn’t demand among the investors. More than likely, these new non-zero wallets are created by existing users who are looking to take advantage of and trade the newly introduced <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-doge-price-reach-0-2/">DRC-20 token standard on the network</a>.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/TOcb8iGU/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530"></p> 
<h2 class="p2" id="doge-comes-under-more-selling-pressure">DOGE Comes Under More Selling Pressure</h2> 
<p class="p2">The Dogecoin price could be looking at more struggles ahead as more sell-offs could be looming on the horizon. Whale Alert, a platform that tracks the origin and destination of large crypto transactions, has <a href="https://x.com/whale_alert/status/1755096897495208023?s=20" rel="nofollow">flagged</a> a large DOGE transaction that has sparked speculation in the community.</p> 
<p class="p2">According to the report, the whale sent a total of 100 million DOGE coins worth over $7.8 million to the Robinhood exchange. The destination of the transaction is important because usually when investors send coins to centralized exchanges such as Robinhood, the purposes are more than likely to sell. In this case, a $7.8 million sell-off could put further pressure on an already struggling <a href="https://www.newsbtc.com/news/dogecoin/the-dogecoin-surge-unveiling-the-catalyst-behind-rising-transactions/">DOGE price</a>.</p> 
<p class="p2">For the <a href="https://www.newsbtc.com/news/dogecoin-orbit-expands-over-890000-new-addresses-join-doge-community/">DOGE</a> price to climb as high as $0.2, there would need to be a catalyst, such as Elon Musk announcing Dogecoin payments for X (formerly Twitter). If the entire crypto market continues to perform poorly though, then the <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-adoption-rate-ath-doge/">DOGE price</a> could fall as low as $0.07 before bouncing back.</p>

Dogecoin Adoption Explodes In Stunning Move, Can DOGE Chart A Path To $0.2?

Spis treści

NewsBTC

Inne artykuły opublikowane 7 lut 2024

Bitsonic chief sentenced to 7 years for crypto theft in South Korea

Crypto Price Analysis For February 7: DYM Up 16%, ETH and HBAR Dips

Why Bitcoin Price Can’t Rebound? – Analysts Explain the Source

Coinbase-Backed DeSo SocialFi App Focus Raises $75 Million in One Week

Nintendo President Responds to Palworld Controversy

Whale Watch: Are Mysterious Chainlink Movements Signaling a Major Shift?

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!