Harga DOGE Terbang Lebih dari 10 Persen, Apa Pemicunya?
Release: 2024/05/05 11:24 Reading: 352
The original memecoin, Dogecoin (DOGE), has recently witnessed a remarkable surge in network activity and price, skyrocketing by over 10 percent.
According to IntoTheBlock, a leading on-chain data analytics firm, the Dogecoin network added a staggering 28,000 new addresses in a single day, indicating a significant rise in user engagement and adoption.
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Growth of New Addresses on Dogecoin Network
As reported by U Today, this spike in new addresses represents a 102 percent increase from the monthly low observed just a day prior. Such a sharp increase in new addresses is an uncommon occurrence and signals growing interest in Dogecoin, likely sparked by broader market movements or specific catalysts within its community.
Coinciding with the surge in network activity, DOGE's price has experienced a substantial uptick. The meme crypto's value jumped by 13 percent over a 24-hour period, aligning with the surge in network engagement.
This correlation underscores the impact of active user participation on crypto valuations, suggesting that high network activity often precedes or accompanies price increases.
Crypto Market Recovery
The crypto's price hike is not occurring in isolation. It comes alongside a broader recovery in the crypto asset market, following the release of weaker-than-expected jobs data in the US.
The US economy added fewer jobs than anticipated in April, with 175,000 positions created against expectations of 245,000. This underperformance, coupled with a slight increase in the unemployment rate to 3.9 percent from 3.8 percent the previous month, has led investors to adjust their expectations for monetary tightening, which in turn has benefited cryptos like DOGE.
On-Chain Data Analysis
On-chain data also highlights growth in non-zero Dogecoin wallets. Santiment, another analytics firm, reports a 27 percent increase in the number of non-zero Dogecoin wallets over the past six months, bringing the total to 6.6 million.
This increase suggests sustained interest and investment in Dogecoin, providing a foundation for future price stability and potential growth.
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