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Dogecoin (DOGE) Network Sees Exponential Growth: Price Impact

2 mins
Updated by Ali Martinez
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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.
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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 Network Growth
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 Price Performance
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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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