The number of active DOGE addresses grows by 265% in 2 months

Cryptocurrency trading expert Ali Martinez believes this will have a positive effect on the price of the asset

29.07.2022 - 17:10

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2 min

What’s new? The number of active Dogecoin (DOGE) addresses has increased by 265% in 2 months. The daily growth of new addresses increased from 14 470 to 38 430, cryptocurrency trading expert Ali Martinez said. He believes that the increased growth of the network may have a positive effect on the price of the asset. As of July 29, 14:50 UTC, DOGE is trading at $0,069, having gained 3,82% overnight, according to Binance.

#Dogecoin price dropped ~15% in the last 2 months, from $0.082 to $0.068. Meanwhile, the # of new daily $DOGE addresses surged by 265%, from 14.47K to 38.43K new addresses per day. The increasing network growth is a positive sign, which could soon be reflected in #DOGE price. pic.twitter.com/8gwceJVARw— Ali Martinez (@ali_charts) July 29, 2022

What else does Martinez say? Based on transaction history, significant support for Dogecoin was set at about $0,068 when 78 250 addresses bought more than 44 billion of DOGE. Martinez said that if the asset manages to hold at that level, Dogecoin has a good chance of climbing to $0,08.

Source: Finbold.com

What is Dogecoin? The project was founded in 2013 by Jackson Palmer and Billy Markus. It is a cryptocurrency with the Proof of Work (PoW) consensus algorithm, which was created as a joke based on the popular meme of the same name with a picture of a Shiba Inu dog. Dogecoin is based on a fork of the Bitcoin network, Litecoin, with high transaction speeds and low fees.

On July 21, Dogecoin developers released an upgrade to Dogecoin Core 1.14.6, aimed at improving the security and efficiency of the network. The minimum transaction size was changed from 1 DOGE to 0,01 DOGE.

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