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Dogecoin (DOGE), this humorous cryptocurrency has managed to take center stage. In fact, data shows that DOGE is experiencing an unprecedented surge in network activity. Even better, this excitement was accompanied by a dramatic increase in price, which soared 13% in just 24 hours.
An unprecedented explosion of cryptocurrency activity!
The excitement surrounding Dogecoin over the past few days is simply breathtaking. According to the figures revealed, no fewer than 28,000 new addresses were created on May 2nd, a staggering 102% increase compared to the monthly low recorded a few days earlier. That enthusiasm continues unabated as the number of non-empty crypto addresses has increased by 27% in the past six months and the number of active wallets has reached the 6.6 million mark.
This frenzy of activity reflects renewed interest in DOGE. After all, dynamic and expanding networks generally form fertile ground for price increases. And investors understand this and are flocking to this iconic cryptocurrency, thereby boosting its valuation. This is a real tribute to this often-mocked “digital dog” whose resilience and ability to surprise is proving today.
Rebound due to favorable conditions
Besides this renewed interest in Dogecoin, other factors are also contributing to Dogecoin’s recent rise. surely, This sudden increase This is in line with the overall bullish movement in the crypto market, driven by weaker-than-expected US economic data. U.S. job creation was disappointing in April, with just 175,000 new openings, well below experts' expectations.
In this context, investors are betting on a slowdown in the pace of interest rate hikes by the Federal Reserve. This perspective has increased risk appetite and benefited risky assets like cryptocurrencies. Following this favorable dynamic, Dogecoin's price skyrocketed, rising nearly 13% to $0.15 on May 4th.
Far from being just a “crypto meme”, Dogecoin has now established itself as an undisputed player in the world of digital currencies. Driven by a passionate community and increasing adoption, it stands out despite headwinds.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
