As optimism returns to the cryptocurrency sector, Dogecoin (DOGE) is recovering as well, with the famous dog-themed meme crypto recording not just increases in price but also a staggering growth in terms of the number of new addressed added to the network.
Indeed, the Dogecoin network has recorded an increase of 1,100% over the past week, with January 29 witnessing a record-breaking addition of 247,240 new DOGE addresses, marking an all-time high (ATH), as noted by crypto trading expert Ali Martinez in an X post on January 30.
According to Martinez, a “sustained uptrend in network expansion could soon reflect positively on DOGE prices,” which means the 10th-largest asset in the crypto market could finally break the coveted $0.1 price mark, as it is currently trading around the $0.08 price range.
Dogecoin addresses. Source: Ali Martinez
Meanwhile, Dogecoin has managed to make a couple of people rich during 2023, increasing the number of addresses holding over $1 million worth of DOGE to 718 at the end of the year, with 107 of them possessing more than $10 million worth of the asset, as Finbold reported in December.
Dogecoin price analysis
As things stand, the current price of DOGE is $0.081, recording an increase of 0.93% in the last 24 hours and gaining 5.55% across the previous seven days, as it moves to offset the decline of 10.43% on its monthly chart, according to the most recent data retrieved on January 30.
Dogecoin 7-day price chart. Source: Finbold
All things considered, the recent impressive growth of its network could help Dogecoin surpass the critical price level of $0.1 and possibly even overtake Avalanche (AVAX) as the ninth-largest crypto by market capitalization, provided it manages to sustain growth.
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