Dogecoin (DOGE) Sets New Record with All-Time High in New Addresses

• Dogecoin's New User Registrations Hit Record High
• Influence of Meme Coins in Digital Asset Market
• Dogecoin on a New High
• Ordinals Technology Fuels Surge
• Optimism in Dogecoin Market
• Current Trading Status of Dogecoin

Dogecoin's New User Registrations Hit Record High

The meme coin, Dogecoin$0.091 -0.42% (DOGE), has seen a significant increase in new addresses, marking a new all-time high. This uptick in the number of new addresses on the Dogecoin network has sparked hopes of a corresponding rise in the coin's value. On January 29th, the network recorded an unparalleled surge of 1,100% in new addresses, with the total number reaching beyond 247,240, as noted by crypto analyst Ali Martinez.

Influence of Meme Coins in Digital Asset Market

Meme coins have gradually made their mark in the digital asset market, despite skeptics questioning their utility. Over the past few years, these coins have witnessed a substantial increase in popularity. Dogecoin, being the most notable of all meme coins, has set a new record amidst the slow start of the crypto market in 2024.

Dogecoin on a New High

Dogecoin (DOGE) has achieved a new milestone in terms of created addresses, with a surge of over 1,100%. This leap is the most significant the coin has ever witnessed, surpassing its previous milestone in 2014 when 163,040 wallets were created.

Ordinals Technology Fuels Surge

This swift surge in new addresses is believed to be linked to the integration of Ordinals technology, which lets Dogecoin network users trade non-fungible tokens (NFTs). The technology utilizes the DRC-20 tokens standard to allow the trading of NFTs denominated in Dogecoin (DOGE).

Optimism in Dogecoin Market

The sudden increase in new addresses has sparked optimism among market participants. Many believe that this surge could be the genesis of a new bull market, which may contribute to a positive impact on DOGE's price, prompting an upward trend.

Current Trading Status of Dogecoin

According to CoinMarketCap, Dogecoin (DOGE) is currently trading at $0.081, marking a slight decrease of 0.85% in the last 24 hours. Nonetheless, the proliferation of new addresses may potentially influence the overall value of the token, even if that impact is not immediately observed in the current data.

Edited by Jonathan Stoker