- With a record-setting 247,240 new addresses on January 29, Dogecoin (DOGE) price aims to surpass the $0.1 price mark.
- Shiba Inu (SHIB), a competitor to Dogecoin, is also gaining attention as the TD Sequential indicator signals a potential buy.
Amid renewed optimism within the cryptocurrency sector, Dogecoin (DOGE) is staging a recovery. In addition to price gains, the memecoin has also shown an astonishing surge in the number of new addresses joining the network.
Over the past week, the Dogecoin network has experienced an extraordinary 1,100% increase. On January 29, it set a new record by adding 247,240 new DOGE addresses, reaching an all-time high (ATH), as highlighted by crypto trading expert Ali Martinez in a recent X post on January 30.
Martinez suggests that a “sustained uptrend in network expansion could soon reflect positively on DOGE prices.” This indicates that the 10th-largest asset in the cryptocurrency market might be on the verge of surpassing the coveted $0.1 price mark, considering its current trading range around $0.08.
Moreover, Dogecoin has played a role in making some individuals wealthy during 2023, with the number of addresses holding over $1 million worth of DOGE reaching 718 by the year’s end. Notably, 107 of these addresses possess more than $10 million worth of the asset. Dogecoin also continues to be the preferred choice for accepting payments for NBA teams like the Dallas Mavericks.
Dogecoin (DOGE) Price Action to Watch
In the latest market update, Dogecoin (DOGE) is currently priced at $0.081, showcasing a 0.93% uptick in the past 24 hours and a notable 5.55% increase over the last week. However, the monthly chart reflects a 10.43% decrease. This data gathered on January 30, suggests a dynamic movement in the cryptocurrency’s valuation.
Observers are noting the impressive expansion of Dogecoin’s network, raising speculation that it may soon surpass the crucial $0.1 threshold. There’s even speculation that Dogecoin could potentially outpace Avalanche (AVAX) to become the ninth-largest cryptocurrency by market capitalization, contingent on its ability to sustain this recent growth. The crypto community is closely monitoring these developments as Dogecoin continues to navigate the volatile market landscape.
DOGE Competitor Shiba Inu Can Rally
As attention grows towards memecoins, there’s also a growing focus on Dogecoin competitor Shiba Inu (SHIB).
In a recent analysis by cryptocurrency expert Ali Martinez, the TD Sequential indicator is gaining attention for its remarkable accuracy in forecasting the price movements of Shiba Inu (SHIB). According to Martinez, the indicator is currently signaling a buy, suggesting that SHIB might be on the verge of an upward trend. Shiba Inu’s staggering surge in burn rate can also add to SHIB’s price gains.
Market enthusiasts are advised to stay vigilant, as Martinez speculates that Shiba Inu could potentially see a climb to $0.010 or even reach as high as $0.011. Traders and investors are closely monitoring these developments as they anticipate the potential for significant price movements in the SHIB market.
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