Dogecoin (DOGE) – the original meme-inspired cryptocurrency – has experienced a 30% increase in value since the start of the month, currently trading above $0.09. This growth can be attributed to Elon Musk’s tweet regarding his starship launch attempt, along with the abrupt replacement of Twitter’s old blue bird logo with a cut-out image of Dogecoin on its homepage earlier this month. This single move instigated a minor rally in price and spikes in network traction.
- Bitinforcharts’ data reveals that the active address count on Dogecoin climbed above 100k this month, which is the highest it has been since August 2022.
- The network has consistently attracted over 47,000 daily users this year.
- Moreover, the address count has remained above 55,000 over the past month, signifying an increase in market share and interest in the blockchain network, which could ultimately lead to a surge in demand for the underlying crypto-asset.
- This week, the transaction fees also skyrocketed to a new level.
- In addition to a broader crypto market recovery, Dogecoin has nearly doubled since it bottomed out at $0.049 in June 2022.
- Many hoped that DOGE would become Twitter’s official payment token after Musk’s controversial takeover of the platform. Although this has yet to transpire, the replacement of Twitter’s iconic bluebird logo with DOGE’s official mascot earlier this month triggered a rally of nearly 40%.
- Musk recently announced that he would offer a reward of 1 million DOGE to anyone who could locate the emerald mine reportedly owned by his family. This announcement also provided a significant boost to the memecoin.