As optimism returns to the cryptocurrency sector, Dogecoin (DOGE) is recovering as well, with the famous dog-themed meme crypto recording not just increases in price but also a staggering growth in terms of the number of new addressed added to the network.
Indeed, the Dogecoin network has recorded an increase of 1,100% over the past week, with January 29 witnessing a record-breaking addition of 247,240 new DOGE addresses, marking an all-time high (ATH), as noted by crypto trading expert Ali Martinez in an X post on January 30.
According to Martinez, a “sustained uptrend in network expansion could soon reflect positively on DOGE prices,” which means the 10th-largest asset in the crypto market could finally break the coveted $0.1 price mark, as it is currently trading around the $0.08 price range.
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Meanwhile, Dogecoin has managed to make a couple of people rich during 2023, increasing the number of addresses holding over $1 million worth of DOGE to 718 at the end of the year, with 107 of them possessing more than $10 million worth of the asset, as Finbold reported in December.
Dogecoin price analysis
As things stand, the current price of DOGE is $0.081, recording an increase of 0.93% in the last 24 hours and gaining 5.55% across the previous seven days, as it moves to offset the decline of 10.43% on its monthly chart, according to the most recent data retrieved on January 30.
All things considered, the recent impressive growth of its network could help Dogecoin surpass the critical price level of $0.1 and possibly even overtake Avalanche (AVAX) as the ninth-largest crypto by market capitalization, provided it manages to sustain growth.
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