New Milestone May Be The Kick Dogecoin Needs To Break $0.1
July 29 2022 - 07:00PM
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Dogecoin has been enjoying the love being shown to it by
prominent figures in the space, such as Elon Musk and Mark Cuban.
However, the digital asset has not been faring well since hitting
its all-time high of $0.7 in the middle of 2021. The decline in
price that followed has seen Dogecoin lose more than 90% of its
value since then. But a new development has begun to paint a
bullish picture for the digital asset. New Dogecoin Addresses Soar
One of the reasons that Dogecoin’s price has continued to suffer
has been the lack of interest from the crypto community. Despite
its community still pushing the meme coin, it was not seeing enough
adoption to push the value of the asset back up. That is, until
now, when Dogecoin is beginning to experience a significant uptick
in interest. Related Reading | Ripple (XRP) Is Up 190% From
Cycle Low, But Will It Ever Reach $3? New data shows that the
adoption of Dogecoin is up, given the number of addresses that are
transacting on the network. Data from IntoTheBlock shows that the
number of new daily DOGE addresses had grown by a whopping 256% in
the last day. DOGE price continues to struggle | Source:
DOGEUSD on TradingView.com Dogecoin has now hit its highest point
in terms of new daily addresses, rising from its 14.4k point to the
new 38.43k number. This increase in the number of people using DOGE
on the network points to healthy growth for the meme coin. So
despite the fact that the price of the digital asset is down by a
large margin, it is enticing investors who likely see the current
price of the digital asset as a prime entry point. Better Days
Ahead Dogecoin has been seeing some good events happen in the last
week. Besides seeing a significant jump in its daily addresses, it
has also undergone an upgrade that has brought more good publicity
to the meme coin. Related Reading | Why Cardano (ADA) May
Breakout In A Bull Run To $1 The team announced recently that the
Dogecoin website had received an overhaul. Since the meme coin has
been getting a lot of bad publicity lately, leading to FUD in its
community, it has pulled out all the stops in an effort to combat
this. Dogecoin Core also received an upgrade with the software
version 1.14.6 going live this week. This was done in a bid to
strengthen the network and make transactions more efficient. On the
investor side, Dogecoin holders are not faring too badly compared
to others in the space. Data shows that the majority of DOGE
holders are still seeing profit at 52%. This put 45% in the red and
4% of holders currently sitting in neutral territory. Long-term
holder composition also continues to dominate, with 65% holding
their coins for more than a year. Featured image from MarketForces
Africa, chart from TradingView.com Follow Best Owie on Twitter for
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