Dogecoin (DOGE) Reaches All-Time High in New Addresses

In what is certainly a positive development for the meme coin, Dogecoin (DOGE) has reached a brand new all-time high in new addresses. Indeed, the Dogecoin network has seen a rapid surge in newly created addresses that many hope could precede a similar action in the meme coin value.

Crypto analyst Ali Martinez shared data from IntoTheBlock that highlighted the new record that was hit on January 29th. Moreover, Martinez highlighted that the increase in new addresses jumped by more than 1,100% over the last week alone. That figure currently sits at more than 247,240 addresses.

Also Read: Dogecoin: Elon Musk’s X Payments Raise Cryptocurrency Questions

Dogecoin New Addresses Hit All-Time High; Could the Price Follow the Same Path?

Within the digital asset market, meme coins have become a viable subsection of the industry as a whole. Although they have certainly struggled with questions of utility, they have undoubtedly surged in popularity over the last several years. Subsequently, despite a slow start to 2024 along with the overarching crypto market, the most prominent meme coin has experienced a new record.

In what is certainly a surprise to the market as a whole, Dogecoin (DOGE) reached a new all-time high in new addresses. Specifically, the data shows that created addresses spiked more than 1,100%. That increase was the largest ever for the asset, surpassing a similar development in 2014. Then, 163,040 wallets were created.

Also Read: Dogecoin Mystery: 103.2 Million DOGE Sent to Robinhood

The rapid upswing in created addresses is likely connected to the integration of Ordinals technology. Specifically, this allows users on the Dogecoin network to trade non-fungible tokens. These networks tap into the DRC-20 tokens standard and allow the trade of NFTs that are denominated in Dogecoin (DOGE).

Alternatively, the creation of new addresses has filled many with optimism. Specifically, there is the hope that the surge could be the starting point for a new bull market. Ultimately, having a positive influence on the price of DOGE as a whole, and triggering a tend upward.

Currently, Dogecoin (DOGE) is trading at $0.081, and down around 0.85% over the last 24 hours according to CoinMarketCap. However, the influx of new addresses should still have some impact on the overall value of the token, even if that impact is not yet realized in current data.