Benzinga - Cryptocurrency analyst Ali Martinez has shone the spotlight on meme cryptocurrency Dogecoin (CRYPTO: DOGE), citing an uptick in new cryptocurrency addresses.
What Happened: According to Martinez, the Dogecoin network has experienced over 1,100% increase in the number of new addresses in just a week.
The analyst tweeted on X, “On January 29 alone, a record-breaking 247,240 new DOGE addresses were created, marking an all-time high." Martinez suggested that the continued growth of the network “could soon reflect positively on DOGE prices.”
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
— Ali (@ali_charts) January 30, 2024
Dogecoin climbed past the notable $0.80 mark in the last 2 days. This jump in price comes with the continued acceptance of Dogecoin as a means of payment, like the Dallas Mavericks basketball team, owned by Mark Cuban, confirming to continue accepting DOGE transactions.
Additionally, speculations about the potential integration of Dogecoin as a payment option on X, likely influenced by Elon Musk’s well-known interest in the meme coin. These speculations have stoked the flames of the current rally.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Earlier, this week, cryptocurrency analyst Muro said that DOGE will see a surge in its price. “Kinda have the feeling that the DOGE is gonna pop," he tweeted.
Update $DOGESpider senses were right it popped after my tweet but scammed back to entry from halfway to target, seems like it's bouncing it might give another push https://t.co/OjCSqsOXMU pic.twitter.com/BPzGi7e0fI
— Muro (@MuroCrypto) January 28, 2024
Over the weekend, Dogecoin saw a 10% rise in value following the introduction of a new verified account linked to a highly anticipated payment feature on the X app, an initiative of Elon Musk.
Price Action: DOGE was trading at $0.080, down 1.21% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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