Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact

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In Brief

  • Despite a 27% price decline since December 11, Dogecoin’s network has seen a record surge in new wallets.
  • Recent Dogecoin network growth represents the fastest rate in its decade-long history, sparking speculation.
  • SpaceX’s acceptance of Dogecoin for the DOGE-1 Mission adds to the list of positive developments around it.

Dogecoin, the meme-inspired digital asset, has witnessed a remarkable increase in the number of its holders.

Despite experiencing a 27% decline in market value since December 11, 2023, an analysis by crypto analytics firm Santiment reveals a surge in Dogecoin wallets. This unprecedented expansion has set a new record for the Dogecoin network.

Dogecoin Network Grows as Speculation Mounts

In the last two weeks, the Dogecoin network welcomed an astonishing 413,800 new wallets, mostly holding 0.001 to 1 Dogecoin. This rapid surge in new holders represents the quickest growth rate in the network’s decade-long history, sparking curiosity and speculation about Dogecoin’s future.

Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact
Dogecoin Network Growth. Source: Santiment

Adding to the list of positive developments, SpaceX has accepted Dogecoin for the rescheduled DOGE-1 Mission to the Moon.

Geometric Energy Corporation (GEC) CEO Samuel Reid shared insights into the transaction. After its initial postponement, GEC compensated SpaceX in Dogecoin to secure a new slot for the DOGE-1 Mission. Initially slated for a 2022 launch aboard the SpaceX Falcon 9 rocket, the mission faced delays due to the satellite’s unpreparedness for the Intuitive Machines IM-1 launch.

It is worth noting that the repeated postponements have led to a growing sense of frustration among community members. Cryptocurrency educator Randi Hipper epitomized this sentiment, expressing her skepticism about the project’s timeline.

“Does this mean another pushback, or is the launch still scheduled for February?” Hipper questioned.

Read more: (DOGE) Dogecoin Price Prediction 2024

Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact
Dogecoin Price Performance. Source: TradingView

On the other hand, the technical analysis of Dogecoin paints a picture of consolidation. With the meme coin trading in a narrow range, investors and enthusiasts who are looking to buy Dogecoin closely monitor resistance at $0.082 and support at $0.077. The outcome of this consolidation phase could set the tone for Dogecoin’s price trajectory in the near term.

This article is sourced from the internet: Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact

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