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Dogecoin (DOGE) price rose amid increased network activity. Dogecoin’s 13% rise after a crash has revived memecoin.
According to Pooyan Music, along with the increase in network activity, the price of Dogecoin has increased sharply. Dogecoin has recently experienced a significant increase in network activity, according to Into de Block chain data analysis. The Dogecoin network has added 28,000 new addresses in one day. Along with the increase in network activity, the price of Dogecoin has skyrocketed. DOGE increased by 13% in 24 hours.
Into the Block reported in a tweet that Dogecoin activity has picked up with a sharp increase in the number of Dogecoin addresses this week. This shows that 28,000 addresses were created on May 2 alone. which has a 102% increase compared to the lowest monthly price on Monday.
On-chain data also highlights the growth of non-empty Dogecoin addresses. Sentiment, an on-chain analytics startup, showed a 27% increase in non-empty Dogecoin wallets over the past six months, reaching a total of 6.6 million wallets.
This increase in non-empty wallets could indicate renewed interest and participation in the Dogecoin community.
The price of Dogecoin has increased by 13% in the last 24 hours as a result of increased demand and favorable attitudes towards this digital currency. This price increase shows the impact of network growth on the value of Dogecoin. Because increased acceptance is often associated with an upward movement in price.
Dogecoin’s price rally coincides with a general crypto market rebound following the release of weaker-than-expected jobs data. Cryptocurrencies recovered on Friday as the price of Bitcoin (BTC) rose. This raised expectations that the slump may be at an end.
The U.S. economy added 175,000 jobs in April, which was lower than analysts’ estimate of 245,000 and an increase of 315,000 jobs in the previous month. The latest nonfarm payrolls data also showed that the unemployment rate rose to 3.9 percent from 3.8 percent in March.
As a result, DogeCoin experienced a sharp rise and recovery from its low of $0.1198 on May 1st. At the time of writing, Dogecoin is still up 13% in the last 24 hours to $0.15. If it closes in the green today, Dogecoin will post its third consecutive day of gains.
