Dogecoin network activity has surged in the past week, but DOGE price hasn’t moved yet.
Popular memecoin Dogecoin (DOGE) has been trading sideways, above the 200-day exponential moving average (EMA) since Jan. 7. DOGE price is down 0.4% over the last week and 14% over the last month, and even though the technical setup hints at further losses for DOGE, the recent spike in network activity is interesting.
Dogecoin is experiencing a significant increase in its network activity. Data from market intelligence firm IntoTheBlock shows over 890,000 new Dogecoin addresses have been created over the past week.
This increase in new addresses coincides with an 86% adoption rate as the new users execute their first transactions on the blockchain.