Dogecoin’s price has dropped around 15% over the last two months amid a wider cryptocurrency market downturn that has been exacerbated by a wave of contagion events. Active addresses on the Dogecoin network, however, surged 265%.
According to data from blockchain analytics firm IntoTheBlock shared by cryptocurrency analyst Ali Martinez, the number of daily active addresses on the $DOGE network jumped from around 14,470 to over 38,430 in two months.
Per the analyst, increasing network growth is a “positive sign, which could soon be reflected in DOGE price.” While the meme-inspired cryptocurrency’s price remains relatively muted, its adoption has been growing steadily.
Late last month, DOGE was, along with Shiba Inu ($SHIB), added as a payment option on Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global. The move came as Coinbase Commerce moved to make crypto payments “easier and more accessible.”
Earlier this month, Elon Musk’s Boring Company started accepting Dogecoin payments for underground rides in Las Vegas, shortly after the world’s richest person noted he would keep supporting the cryptocurrency. Elon Musk’s electric car maker Tesla is also accepting DOGE payments for merchandise on its website.
The developers behind the meme-inspired cryptocurrency recently released its Core 1.14.6 upgrade, which introduced security updates and changes to its network efficiency as it changed 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.
Christine Brown, Robinhood Crypto’s first COO from April 2021 until March 2022, argued last month DOGE ““does not get the credit it deserves” for helping further cryptocurrency adoption.
As CryptoGlobe reported last year, search interest for DOGE exploded ahead of the cryptocurrency’s 10,000% rally that saw it hit a new all-time high near $0.75. The cryptocurrency has since lost most of its value, and is now trading at $0.068.