'Dogecoin Setting Up Nice For Its Next Run' Says Doge Expert: 890,000 New Dogecoin Addresses Created In 7 Days

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Around 890,000 new Dogecoin addresses were created in seven days, with the new adoption rate spiking to 86%.
While one top Dogecoin expert sees a good chart for the next run, another says an upside move is inevitable.
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Dogecoin DOGE/USD is on a roll with new addresses created over the past seven days surging and the Doge-1 moon mission on the horizon.

What Happened: Data from IntoTheBlock indicated more than 890,000 new Dogecoin addresses were created in the past seven days. The network activity also increased, with the new adoption rate peaking at 86%, as new users completed their first transactions.

Earlier this week, it was revealed that Dogecoin's new addresses surged 1,100% from the previous week, reaching a new all-time high of 247,240 new DOGE addresses on Jan. 29.

The SpaceX Doge-1 Mission To The Moon is scheduled for launch on Feb. 3, 2024, and has the crypto community optimistic about its potential impact on Doge prices.

Price Action: In the past week, Dogecoin reported a 2.2% gain pushing the price close to $0.08. In the past 24 hours, prices are trading only marginally higher, by 0.1%.

Why It Matters: The money transmitter license has already been approved in 19 states for X, bringing the company closer to deciding on the master plan for XPayments. This also raised speculation that Dogecoin is soon going to be in play as a currency.

A Dogecoin fan TOPDOGE tweeted, “Dogecoin setting up nice for its next run.” In another tweet, TOPDOGE added that Dogecoin will shock everyone by breaking the $0.75 again.

Dogecoin setting up nice for its next run 📈 pic.twitter.com/7doFJ2HCCX
— 𝓣 𝓞 𝓟 𝓓 𝓞 𝓖 𝓔 (@TOPDOGE007) January 31, 2024

Another expert, TheDogeCoach stated that while an upside is inevitable, timing is the key. TheDogeCoach displayed a chart indicating a further pullback might be possible, “otherwise we continue the uptrend we started last year.”

#dogecoin move to the upside is inevitable, but timing is key.

Chart indicates a further pull back might be possible here (orange line), but otherwise we continue the uptrend we started last year (green line).

For me, the outcome depends on holding above the yellow line. pic.twitter.com/06k5Ysbsae
— The Coach 𝕏Đ (@thedogecoach) February 1, 2024