Dogecoin’s Active Addresses Explodes By 260% Despite Price Slump

Dogecoin’s daily number of unique addresses have skyrocketed to more than 260%, data from crypto analyst Ali Martinez suggests. In just in two months, Active Address in the DOGE network has jumped from around 14,470 to over 38,430 .

On the other hand, price has slipped roughly 15% from $0.082 to $0.068 over the same time period in tandem to the broader market downturn.

Terming the surge on the netwrok as a “Positive Sign” Martinez hoped that the growth would soon be reflected in DOGE price.” While the meme-inspired cryptocurrency’s price remains relatively muted, its adoption has been growing steadily.

Recently. the developers of the world’s most admired meme-inspired cryptocurrency released its Core 1.14.6 upgrade, which included security updates and changes to its network efficiency modifying the dust limit for all network participants from 1 DOGE to 0.01 DOGE.

The dust limit determines the minimum amount of currency that can be used in a transaction for it to be processed on the blockchain.

In early July, Elon Musk’s Boring Company announced that it has accepted Dogecoin payments for underground rides in Las Vegas, immediately after the world’s richest person reiterated that he would keep extending his support to the canine token.

Also Musk’s electric car maker Tesla has integrated DOGE payments for merchandise on its website.

Created as a joke in 2013 as a joke, the token’s community has been known for taking on philanthropic projects, which included helping charitable organizations. 

Dogecoin Scores Several Entries

Search interest for the meme-inspired cryptocurrency exploded during the crypto market’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Additionally the growing interest across search engines, was partly contributed by Musk who subtly started tweeting about the cryptocurrency. Most importantly, its adoption rate too increased steadily.

On 29th July, leading payment network Mercuryo has added support for Dogecoin to conduct fast and efficient cross-border payments.  

The world’s largest cryptocurrency exchange by trading volume, Binance, has too included the meme coin in its four new liquidity pools. The is to broaden the number of trading pits available to users interested in the liquidity pool.

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