Dogecoin has seen a quite big increase in its active addresses. The number of active addresses on the Dogecoin blockchain grew with 84,306, marking the largest spike in the past six months.
Dogecoin’s network is expanding
Crypto analyst Ali Martinez shared that there has been a 72% rise in new DOGE addresses over the past week, with more than 19,600 addresses added in just one single day.
This growth could means that the Dogecoin network is expanding big time.
Also, large holders of DOGE, often referred to as whales, accumulated over 1.4 billion tokens within 48 hours, adding more than $140 million worth of Dogecoin to their wallets.
90 million wallet addresses in total
Dogecoin achieved an important milestone by surpassing 90 million wallet addresses holding the cryptocurrency.
But it is important to note that one wallet doesn’t necessarily equal one user, as individuals can create multiple DOGE wallets.
Furthermore, some wallets, like those belonging to exchanges, may contain DOGE from various users.
The Dogefather
Earlier this year, Elon Musk, CEO of Tesla and SpaceX, expressed his appreciation for Bitcoin and other cryptocurrencies while admitting his special fondness for Dogecoin. His support has pretty likely contributed to Dogecoin’s popularity and growth.
“I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
Now experts speculate that if this trend continues and more users join the Dogecoin network, it could lead to further increases in price and of course, in adoption.
