As the majority of assets in the cryptocurrency market have gone into a bearish mode, the dog-themed meme crypto asset Dogecoin (DOGE) has followed suit, but regardless of the pessimistic mood, its community has been growing at an unprecedented rate.
Specifically, Dogecoin has witnessed a growth in the number of crypto wallets holding it at the fastest rate in its decade-long history, adding around 413,800 new wallets in just two weeks, according to the data shared by Santiment in an X post on February 6.
Indeed, the chart shared by the blockchain and cryptocurrency metrics platform’s team shows that there were close to 414k total addresses holding more than 0 DOGE since January 22, having recorded a 7.2% increase, which is the fastest growth rate of all time for the popular digital currency.
DOGE network growth. Source: Santiment
$0.1 in the cards?
A week ago, mid-way into this massive growth trend, crypto trading expert Ali Martinez observed a record-breaking addition of 247,240 new DOGE addresses in the week up to January 29, remarking that a “sustained uptrend in network expansion could soon reflect positively on DOGE prices.”
Dogecoin addresses growth until January 29. Source: Ali Martinez
However, the positive effect of the parabolic network expansion on the price of Dogecoin is yet to materialize, as the famous dog crypto has sustained the currently negative sentiment demonstrated by the larger part of the industry, keeping it well below the coveted $0.1 level from December 2023.
Dogecoin price analysis
At press time, DOGE was changing hands at the price of $0.078, indicating a decrease of 0.3% in the last 24 hours, adding up to the decline of 3.48% across the previous seven days and a loss of 2.77% over the month, as per the most recent chart data on February 6.
Dogecoin 7-day price chart. Source: Finbold
All things considered, the impressive surge in the number of new DOGE addresses could, indeed, assist the digital asset in growing its price in the near future. Still, this effect is yet to show any strength in the face of the strong downward pressure from the general crypto market.
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