Dogecoin (DOGE) Transaction Volume Increases Despite Market Consolidation
According to statistics supplied by researcher Ali Martinez, activity on the Dogecoin (DOGE) blockchain has risen in recent months.
In only two months, the number of daily new Dogecoin addresses increased by 265%, according to him. This is despite the current phase of market consolidation that the crypto sector has seen over the last several months.
One of the greatest methods to comprehend the behaviour of a blockchain network is to examine its on-chain activities. This offers information on how the network develops, how it acts, and whether or not there are intriguing patterns that might reveal the value that users place on this digital asset.
Ali Martinez, a cryptocurrency expert, presented crucial data from IntoTheBlock that demonstrates how DOGE addresses increased by 265% in only two months. According to the data supplied by this expert, the number of addresses increased from 14,47k to 38,43k. The price of Dogecoin decreased from $0.082 to $0.068 within the same time period.
In the last two months, the price of #Dogecoin decreased by 15%, from $0.082 to $0.068. Meanwhile, the number of daily new $DOGE addresses increased by 265 percent, from 14,47K to 38,43K.
According to CoinGecko, Dogecoin (DOGE) is presently the eleventh most popular virtual currency. It has a market worth of $9.24 billion and a price per coin of $0.06923. During the 2021 bull market, Dogecoin achieved a price of more than $0.73.
The activity on the blockchain is a crucial indicator of how much people value a network, which is not necessarily reflected in the price of a currency. If future demand for this virtual money rises, its price may rise in the future. Moreover, if Elon Musk comments on or writes about Dogecoin, the value of this digital currency is anticipated to increase.