Dogecoin’s daily number of unique addresses has skyrocketed to over 260%, data from crypto analyst Ali Martinez suggests. In just two months, Active Address in the DOGE network has increased from around 14,470 to over 38,430.
On the other hand, the price has fallen about 15% from $0.082 to $0.068 over the same period in parallel with the broader market downturn.
Martinez called the network’s surge a “positive sign” and hoped the growth would soon be reflected in DOGE’s price.” While the price of the meme-inspired cryptocurrency remains relatively low, its adoption has steadily increased.
Lately. The developers of the world’s most admired meme-inspired cryptocurrency released their Core 1.14.6 upgrade, which included security updates and network efficiency changes, changing the dust limit for all network participants from 1 DOGE to 0.01 DOGE.
The dust limit determines the minimum amount of currency that can be used in a transaction for it to be processed on the blockchain.
In early July, Elon Musk’s Boring Company announced that it had accepted Dogecoin payments for subway rides in Las Vegas, just after the world’s richest person reiterated that he would further expand his support for the dog token .
Musk’s electric car maker Tesla has also integrated DOGE payments for goods on its website.
Founded as a joke in 2013, the token community is known for taking on philanthropic projects, which includes supporting charities.
Dogecoin achieves multiple entries
Search interest for the meme-inspired cryptocurrency exploded 10,000% during the crypto market’s massive price rally, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Additionally, the growing interest from search engines was partially contributed by Musk, who began subtly tweeting about the cryptocurrency. Most importantly, the adoption rate has also steadily increased.
On July 29, leading payments network Mercuryo added support for Dogecoin to make fast and efficient cross-border payments.
Binance, the world’s largest cryptocurrency exchange by trading volume, has also added the meme coin to its four new liquidity pools. This is intended to expand the number of trading venues available to users interested in the liquidity pool.
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