Dogecoin enjoys the attention that prominent players in the space have shown it, including Mark Cuban (Elon Musk) and Mark Cuban (Mark Cuban). The digital asset is not doing well after hitting $0.7 at the beginning of 2021. Dogecoin has lost more than 90% since that time due to a decline in its price. However, a positive development is emerging for this digital asset.
Dogecoin’s New Addresses Soar
One of the reasons that Dogecoin’s price has continued to suffer has been the lack of interest from the crypto community. The meme coin was being promoted by its community, but it wasn’t getting enough interest to drive the asset’s value back up. Dogecoin, however, is now seeing a substantial uptake in interest.
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The number of Dogecoin users is increasing, according to new data. DataAccording to IntoTheBlock, the daily number of DOGE addresses has increased by a staggering 256% over the past day.
Source: DOGEUSD on TradingView.com| Source: DOGEUSD on TradingView.com
Dogecoin’s highest daily address count has reached 38.43k, up from 14.4k. The increase in DOGE users on the network indicates healthy growth of the meme coin. The current price for the digital asset has fallen by a significant margin. However, this is appealing to investors who may see it as an ideal entry point.
Better Days Ahead
Dogecoin’s last week has seen some positive events. Not only did it see a notable increase in daily addresses but also, the upgrade has helped bring more positive publicity to the meme coin.
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Dogecoin’s website was recently updated by the team. Due to the fact that the meme coin is getting bad press lately and causing FUD among its users, the team has done everything possible to address this. Dogecoin Core received an update with software version 1.4.6, which went live last week. The upgrade was made in order to improve the efficiency of transactions and strengthen the network.
Dogecoin owners are faring better than other investors in this space. The majority of DOGE owners still see profit at 52%, according to data. This leaves 45% in the black and only 4% in neutral. The long-term holder composition continues to be dominant, with 65% of holders holding coins for longer than one year.
Featured image taken from MarketForces Africa. Chart courtesy of TradingView.com
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