Dogecoin’s Network Growth and Market Position

Dogecoin, the original meme cryptocurrency, has shown resistance at the $0.08 level despite a temporary breakout. While its price movement may not align with the broader crypto market, the network continues to experience growth across various metrics. This article delves into the network expansion, performance compared to other meme cryptocurrencies, recent developments with SpaceX, and its appeal in the Indian market.

Although Dogecoin’s value has decreased by 23% since its local peak in December, the number of wallets holding more than 0 DOGE has been growing rapidly. Santiment, an on-chain intelligence platform, reports that 414,000 new wallets, primarily containing 0.001-1 DOGE, have been added in the past two weeks alone. This expansion is a significant milestone for Dogecoin, highlighting the fastest growth rate in its decade-long history. Additionally, on January 29th, the network established a new peak with the creation of 247,240 new DOGE addresses.

Despite facing challenges near the $0.078 mark, Dogecoin has outperformed several other meme cryptocurrencies in terms of holders in profit. According to Intotheblock’s analysis, Dogecoin leads with 46.94%, while SHIB stands at 27.11%, PEPE at 24.81%, and FLOKI at 16.11%. Additionally, Dogecoin boasts the highest number of holders with 5,853,959, surpassing SHIB’s 1,291,903, PEPE’s 152,195, and FLOKI’s 73,038. However, Dogecoin falls behind in terms of the percentage of whales, with 43.75% compared to SHIB’s 62.42%, PEPE’s 48.01%, and FLOKI’s 69.00%. The leaders in this aspect are Wojak (WOJAK) with 69.27% and Akita Inu (AKITA) with 68.01%. Dogecoin also has the highest number of traders, reaching 387,000 as of January 29th, surpassing the other meme cryptocurrencies significantly.

In a notable development, SpaceX has agreed to accept Dogecoin as payment for rescheduling the DOGE-1 Mission to the Moon. Geometric Energy Corporation (GEC), the company behind the mission, used DOGE to rebook the mission after its initial schedule delay. However, this news did not have a significant impact on Dogecoin’s value, suggesting that the market’s excitement for potential crypto adoption by Elon Musk’s companies may have diminished following previous disappointments.

Dogecoin has emerged as a prominent player in the Indian market, particularly among individuals aged 26-35. Industry experts indicate that within this age group, DOGE has surpassed Bitcoin in terms of investment appeal. This specific demographic represents 40% of India’s overall population of 19 million cryptocurrency investors. The popularity of Dogecoin in India can be attributed to its association with memes, which have a significant presence in the country’s internet culture.

While Dogecoin’s price struggles to break through the resistance at $0.08, its network expansion remains robust with a remarkable increase in the number of wallets. The meme coin continues to outperform other meme cryptocurrencies in terms of holders in profit and the number of traders. Furthermore, its recognition by SpaceX highlights its potential utility beyond internet jokes. Additionally, Dogecoin’s appeal in the Indian market, particularly among the younger population, showcases its growing influence. As the crypto market evolves, it will be interesting to see how Dogecoin’s network growth and market position develop in the coming months.