Dogecoin (DOGE) network hit a new chapter with record-breaking new addresses

Dogecoin seems to have been buzzing with network activity despite keeping a low profile for most of the past year. According to data from popular on-chain intelligence platform Intotheblock, the OG meme coin saw a 1,100% increase in new addresses last week.

January 29 marked a significant milestone with the creation of an unprecedented 247,240 new DOGE addresses, marking an all-time high. The increase in network activity comes amid relative stability in commodity prices.

All eyes on DOGE

In the past day alone, DOGE is down 3.28%, hovering below $0.08 at the time of writing. The tenth largest crypto asset by market cap has largely bucked the market's overall recovery to record a monthly loss of nearly 13%.

Last year, the emergence of DRC-20, inspired by Bitcoin's BRC-20 standard, served as a major catalyst for the network's growth, ultimately leading to a significant increase in Dogecoin transactions amid a bear market.

A few months later, the address count on the Dogecoin network crossed the 5 million mark for the first time. Although the next development of the network will not have any material impact on Memcoin, the latest phase is expected to be different.

For one, prominent chain analyst Ali Martinez suggests that this continued growth in network expansion could have promising implications for the future direction of DOGE prices.

The #Dogecoin network is growing exponentially, with new addresses increasing by an incredible 1,100% in the last week!

A record-breaking 247,240 new #DOGE addresses were created on January 29th alone, an all-time high. Continuous growth in networking… pic.twitter.com/7tNAPzJaP2

— Ali (@ali_charts) January 30, 2024

Dogecoin adoption curve

Meanwhile, Marcos Cuban's NBA team, the Dallas Mavericks, continues to accept DOGE as a payment method alongside Bitcoin, which was introduced in 2019.

This addition will allow ‘Mavs Fans for Life' (MFFLs) to use DOGE to purchase game tickets and merchandise online, expanding access to Mavericks-related products. The continued integration of Mem Coin shows growing confidence in DOGE.

India has become one of the major markets for DOGE. The property is particularly popular with individuals aged 26-35. According to recent data from industry experts, DOGE has surpassed Bitcoin in investment popularity in this age bracket. This demographic segment represents 40% of India's total 19 million crypto investors.