{"id":566828,"date":"2023-12-25T19:30:26","date_gmt":"2023-12-25T19:30:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=566828"},"modified":"2023-12-25T16:23:56","modified_gmt":"2023-12-25T16:23:56","slug":"dogecoin-demand-doge-adoption-accelerating","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-demand-doge-adoption-accelerating\/","title":{"rendered":"Dogecoin In Demand: Data Shows DOGE Adoption Is Accelerating"},"content":{"rendered":"

On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network.<\/p>\n

Dogecoin Is Observing A High Number Of Daily New Addresses Currently<\/h2>\n

In a new post<\/a> on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation. A “new address<\/a>” is one that has taken part in some kind of transaction activity for the first time.<\/p>\n

Some of the new addresses that pop up on the network every day belong to the existing users, who may be creating additional addresses for privacy purposes or simply moving to a different wallet.<\/p>\n

Related Reading: Bitcoin Whales Do $2.2 Billion Selloff, But BTC Stays Strong<\/a><\/div>\n

The rest of the new addresses, though, are being created by fresh investors entering into the market, so the daily total value of the new addresses can provide hints about how the adoption of the meme coin is coming along.<\/p>\n

The below chart shows the trend in this metric for Dogecoin over the last couple of months:<\/p>\n

\"Dogecoin<\/p>\n

The value of the metric appears to have seen some overall uptrend in the last few weeks | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the daily number of new Dogecoin addresses started spiking last month and has since been consistently setting new highs as the metric continues in an overall upward trajectory. This would suggest that the network has been receiving a consistently high influx of new investors recently.<\/p>\n
Adoption is always a constructive sign for any cryptocurrency, as fresh hands can help build a solid foundation that future uplifts in the price can sustainably grow off. Thus, it’s crucial for assets to continue to look attractive to new users, something that Dogecoin appears to have been doing fine recently.<\/p>\n
Any positive effects on the price that come through adoption, though, generally only appear in the long term. Rather, depending on the nature of the adoption, it can in fact impart a negative influence on the cryptocurrency in the short-term.<\/p>\n
This happens when too many new users join the blockchain in a short amount of time, only buying into the asset due to FOMO<\/a>. Recently, the on-chain analytics firm Santiment<\/a> also discussed this fast pace of address creation on the Dogecoin network, noting that Bitcoin (BTC) is also displaying a similar trend.<\/p>\n
\"Dogecoin<\/p>\n
The trend in the addresses of the top assets in the sector | Source: Santiment on X<\/a><\/pre>\n
“Though network growth is a great sign long-term, this rapid rate of new wallets is a FOMO sign to be slightly cautious of,” explained the analytics firm in the post.<\/p>\n
Related Reading: Polygon Breaks Through $0.85, Is A Move To New Highs Next?<\/a><\/div>\n
From the chart, it’s visible that Cardano (ADA)<\/a> is the only asset among the top cryptocurrencies by market cap that’s not displaying any sort of address growth at all.<\/p>\n
DOGE Price<\/h2>\n
Since the rally Dogecoin observed during the starting third of the month, the asset has gone rather stale, as its price has continued to move sideways around the $0.093 level during the last two weeks.<\/p>\n
\"Dogecoin<\/p>\n
DOGE hasn't enjoyed any upwards momentum in recent days | Source: DOGEUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network. Dogecoin Is Observing A High Number Of Daily New Addresses Currently In a new post on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation. A “new address” is one that has taken part in some kind of transaction activity for the first time. Some of the new addresses that pop up on the network every day belong to the existing users, who may be creating additional addresses for privacy purposes or simply moving to a different wallet. Related Reading: Bitcoin Whales Do $2.2 Billion Selloff, But BTC Stays Strong The rest of the new addresses, though, are being created by fresh investors entering into the market, so the daily total value of the new addresses can provide hints about how the adoption of the meme coin is coming along. The below chart shows the trend in this metric for Dogecoin over the last couple of months: The value of the metric appears to have seen some overall uptrend in the last few weeks | Source: @ali_charts on X As displayed in the above graph, the daily number of new Dogecoin addresses started spiking last month and has since been consistently setting new highs as the metric continues in an overall upward trajectory. This would suggest that the network has been receiving a consistently high influx of new investors recently. Adoption is always a constructive sign for any cryptocurrency, as fresh hands can help build a solid foundation that future uplifts in the price can sustainably grow off. Thus, it’s crucial for assets to continue to look attractive to new users, something that Dogecoin appears to have been doing fine recently. Any positive effects on the price that come through adoption, though, generally only appear in the long term. Rather, depending on the nature of the adoption, it can in fact impart a negative influence on the cryptocurrency in the short-term. This happens when too many new users join the blockchain in a short amount of time, only buying into the asset due to FOMO. Recently, the on-chain analytics firm Santiment also discussed this fast pace of address creation on the Dogecoin network, noting that Bitcoin (BTC) is also displaying a similar trend. The trend in the addresses of the top assets in the sector | Source: Santiment on X “Though network growth is a great sign long-term, this rapid rate of new wallets is a FOMO sign to be slightly cautious of,” explained the analytics firm in the post. Related Reading: Polygon Breaks Through $0.85, Is A Move To New Highs Next? From the chart, it’s visible that Cardano (ADA) is the only asset among the top cryptocurrencies by market cap that’s not displaying any sort of address growth at all. DOGE Price Since the rally Dogecoin observed during the starting third of the month, the asset has gone rather stale, as its price has continued to move sideways around the $0.093 level during the last two weeks. DOGE hasn’t enjoyed any upwards momentum in recent days | Source: DOGEUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":566875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,7,90959,88065,90958,90960,79599],"class_list":["post-566828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogecoin-adoption","tag-dogecoin-bullish","tag-dogecoin-demand","tag-dogecoin-new-addresses","tag-dogeusd"],"acf":[],"yoast_head":"\nDogecoin In Demand: Data Shows DOGE Adoption Is Accelerating<\/title>\n<meta name=\"description\" content=\"On-chain data suggests the Dogecoin adoption has been picking up recently 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin In Demand: Data Shows DOGE Adoption Is Accelerating","url":"http:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-demand-doge-adoption-accelerating\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-demand-doge-adoption-accelerating\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/kanchanara-pQEfJZYDpL0-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/kanchanara-pQEfJZYDpL0-unsplash-1.jpg?fit=6048%2C4024"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","dogecoin","dogecoin adoption","dogecoin bullish","dogecoin demand","dogecoin new addresses","dogeusd"],"dateCreated":"2023-12-25T19:30:26Z","datePublished":"2023-12-25T19:30:26Z","dateModified":"2023-12-25T19:30:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin In Demand: Data Shows DOGE Adoption Is Accelerating\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/dogecoin\\\/dogecoin-demand-doge-adoption-accelerating\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/dogecoin\\\/dogecoin-demand-doge-adoption-accelerating\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-pQEfJZYDpL0-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-pQEfJZYDpL0-unsplash-1.jpg?fit=6048%2C4024\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"dogecoin\",\"dogecoin adoption\",\"dogecoin bullish\",\"dogecoin demand\",\"dogecoin new addresses\",\"dogeusd\"],\"dateCreated\":\"2023-12-25T19:30:26Z\",\"datePublished\":\"2023-12-25T19:30:26Z\",\"dateModified\":\"2023-12-25T19:30:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/kanchanara-pQEfJZYDpL0-unsplash-1.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/566828"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=566828"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/566828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/566875"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=566828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=566828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=566828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}