Dogecoin stalled at $0.08, could this measure signal an upcoming rally?

The price of Dogecoin briefly rose higher but found significant resistance above the $0.08 level. The direction of the OG meme coin is not aligned with the rest of the crypto market.

This, however, did not stop the network from witnessing growth in various dimensions.

Dogecoin sees improved network activity

Dogecoin's price is down 23% since its local peak on December 9th. Despite this, the number of wallets holding >0 DOGE is growing at a rapid rate of 7.3% – the fastest in the network's decade-long history.

According to the latest analysis by the chain intelligence platform Sentiment, in the last two weeks alone there were about 414k new wallets, mainly containing 0.001-1 DOGE.

🐶 #Dogecoin price is -23% from its peak on December 9th. But the #memecoin wallet of >0$DOGE coins is growing at the fastest rate in the network's long history. 413.8K new wallets, mostly holding 0.001-1 $DOGE, added in 2 weeks. pic.twitter.com/l6Pv0KvkKW

— Santiment (@santimentfeed) February 6, 2024

This milestone comes a week after the Dogecoin network reported the creation of 247,240 new DOGE addresses on January 29, setting a new high. The steady growth of network expansion may indicate good results for DOGE's price movements in the future, even if the asset struggles to $0.078.

The OG meme coin has also outperformed many other meme cryptocurrencies, according to Intotheblock's analysis of the number of profit holders. Dogecoin leads with 46.94%, SHIB stands at 27.11%, PEPE at 24.81% and FLOKI at 16.11%.

Additionally, DOGE has the highest number of shareholders with 5,853,959 compared to SHIB 1,291,903, PEPE 152,195 and FLOKI 73,038.

However, Dogecoin lags behind in terms of percentage of whales, with 43.75% compared to SHIB's 62.42%, PEPE's 48.01% and FLOKI's 69.00%. The two main leaders in this regard are Wojak (WOJAK) 69.27% ​​and Akita Inu (AKITA) 68.01%.

Dogecoin also boasts the highest number of traders, up from 576,000 at the end of December, up to 387,000 as of January 29, surpassing all other Mimi cryptocurrencies.

SpaceX receives DOGE payment

SpaceX has agreed to accept Dogecoin (DOGE) as payment to reschedule its highly anticipated DOGE-1 mission to the moon. Geometric Energy Corporation (GEC) CEO Samuel Reid explained the transaction, saying GEC used DOGE to reschedule the mission after its original schedule was delayed.

Although Dogecoin has seen high prices on payment-related news involving Elon Musk's enterprises such as X, Tesla or SpaceX, this recent development has had no visible effect. This lack of impact may point to the desperation experienced by these companies in the past, which dampened the excitement around crypto adoption.

Meanwhile, DOGE has emerged as a major player in the Indian market, especially among individuals aged 26-35 years. Recent insights from industry specialists indicate that DOGE has surpassed Bitcoin in terms of investment demand in this age group. This particular demographic constitutes 40% of India's total population of 19 million cryptocurrency investors.