In a development that certainly points to the prominence of the asset, Dogecoin (DOGE) adoption rate is up 86% as its network activity surged. Indeed, more than 890,000 new addresses have executed their first transactions on the blockchain. However, the unexpected increase could have implications for the asset’s price in the coming weeks.
Dogecoin, like most of the digital asset market, has not had a great start to the new year. The meme coin is down 14% since the end of 2023, with the technical indicators not likely to predict incoming gains. However, the unexpected development within network activity has provided some optimism.
Dogecoin Network Sees 890,000 New Addresses With 86% Increase in Adoption Rate
Within the digital asset industry, the popularity of the meme coin subsect has been undeniable. Not just Dogecoin (DOGE), the market pioneer, but tokens like Shiba Inu (SHIB) have established themselves within the Web3 sector. However, like all digital assets this year, the overall positive developments in terms of value have been few and far between.
That could be changing, however, as Dogecoin (DOGE) has seen its adoption rate increase by 86% amid a surge in network activity. Data from IntoTheBlock confirms the adoption rate increase while also noting that the network saw 890,000 new addresses arrive over the past week alone.
Additionally, data shows that the daily active addresses for DOGE had also experienced quite a surge. Specifically, it was up more than 300,000 from January 23rd to the second day of February. Although there are some questions regarding the unexpected increase, some have stated it is likely due to the release of the DOOM video game on the Dogecoin blockchain.
The 1993 video game is undoubtedly one of the most popular shooting game franchises of all time. Subsequently, its release on Dogecoin was a massive moment for fans of the game and the meme coin. Whether or not the development was the catalyst for the network increase is unknown to this point.
Still, many perceive the increase in network activity as a sure sign of an impending price increase. Specifically, Coinpedia notes that the value of DOGE should see a 25% increase following the network activity. Ultimately, identifying the $0.10 price point as a key support if it does follow the activity trend and reverse upward.