Dogecoin Adoption Explodes In Stunning Move, Can DOGE Chart A Path To $0.2?
07 Fevereiro 2024 - 8:00PM
NEWSBTC
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 Dogecoin metric is taking the
stage. New Non-Zero Dogecoin Addresses Rise Rapidly In a new
report, 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. Related Reading: LUNC Price Rally Is Far
From Over Following Falling Wedge Breakout, Analyst Says 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. Interestingly, this rapid rise in adoption
happened at a time when the DOGE price was struggling to hold
up in the market. As Santiment notes in its post, the DOGE price is
down more than 23%, while network adoption has been on a bullish
run. 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 DRC-20 token standard on the network. DOGE
price fails to move with network growth | Source: DOGEUSDT on
Tradingview.com DOGE Comes Under More Selling Pressure 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
flagged a large DOGE transaction that has sparked speculation in
the community. Related Reading: Here’s Why A Bitcoin Bull Run In
2024 Is Inevitable 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 DOGE price. For the DOGE 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 DOGE price
could fall as low as $0.07 before bouncing back. Follow Best Owie
on X (formerly Twitter) for market insights, updates, and the
occasional funny tweet… Featured image from CryptoRank, chart from
TradingView.com
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