• Dogecoin (DOGE) has seen a 30% surge since the beginning of April, boosted by Elon Musk’s renewed interest in the cryptocurrency.
• Active address count on Dogecoin rose to 100k for the first time in nine months.
• Transaction fees skyrocketed to a new level this week, resulting in a doubling of value since June 2022.
Dogecoin Price Surge
Dogecoin (DOGE) – the OG memecoin – was up by around 30% since the beginning of April 2021. This surge can be attributed to Elon Musk’s tweet about his starship launch attempt as well as Twitter’s use of a cut-out image of Dogecoin on its homepage earlier this month.
Active Address Count
According to data from Bitinforcharts, the active address count on Dogecoin has surged to levels not seen since August 2022, going above 100k this month. Moreover, the address count has remained above 55,000 over the past month – indicative of an increasing market share and interest in the blockchain network which resulted in increased demand for DOGE.
The transaction fees also skyrocketed to a new level this week due to growing demand for DOGE and recovery across broader crypto market. This led to almost doubling of DOGE price since it bottomed out at $0.049 in June 2022.
Elon Musk’s controversial takeover of Twitter sparked speculation that DOGE would become official payment token on social media platform but no official announcement has been made yet regarding any collaborative efforts between them two companies.
Dogecoin is an example how speculation can affect price and traction positively or negatively depending upon news surrounding it; however it remains one of oldest digital assets with unique fan base that continue their support despite all odds making it true ‘people’s coin’