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| Source: Coinmagzine |
As optimism makes a comeback in the crypto world, Dogecoin (DOGE) is not only witnessing a price recovery but also experiencing an extraordinary surge in new addresses. The meme-inspired cryptocurrency has recorded a phenomenal 1,100% increase in the past week, reaching an all-time high with 247,240 new DOGE addresses added on January 29.
Network Expansion and Price Potential:
The surge in Dogecoin's network expansion is seen as a positive indicator for its price performance. Crypto trading experts suggests that a sustained uptrend in network growth could propel DOGE prices to break the coveted $0.1 mark. Currently trading around $0.08, Dogecoin has the potential to capitalize on its recent network growth and climb further.
Wealth Creation and Address Holdings:
During 2023, Dogecoin proved to be a wealth creator, with an increase in the number of addresses holding over $1 million worth of DOGE to 718 by the end of the year. Impressively, 107 of these addresses possessed over $10 million worth of the asset, showcasing Dogecoin's impact on investor portfolios.
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| Source: IntoTheBlock |
Dogecoin Price Snapshot:
As of January 30, the current price of DOGE stands at $0.081, reflecting a 0.93% increase in the last 24 hours and a 5.55% gain over the previous seven days. Despite a 10.43% decline on its monthly chart, the recent positive momentum suggests a potential reversal in the near future.
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| Source: Coinmarketcap |
Future Outlook and Market Position:
With the remarkable growth in its network, Dogecoin is poised to surpass the critical $0.1 price level. There is even speculation that it could overtake Avalanche (AVAX) as the ninth-largest cryptocurrency by market capitalization, contingent on its ability to sustain this growth.
Disclaimer: This content is not intended as investment advice. All investments carry risks, and individuals should exercise caution and conduct thorough research before making financial decisions.
