Dogecoin\u2019s price has dropped around 15% over the last two months amid a wider cryptocurrency market downturn that has been exacerbated by a wave of contagion events. Active addresses on the Dogecoin network, however, surged 265%.<\/p>\n
According to data from blockchain analytics firm IntoTheBlock shared by cryptocurrency analyst Ali Martinez, the number of daily active addresses on the $DOGE network jumped from around 14,470 to over 38,430 in two months.<\/p>\n
Per the analyst, increasing network growth is a \u201cpositive sign, which could soon be reflected in DOGE price.\u201d While the meme-inspired cryptocurrency\u2019s price remains relatively muted, its adoption has been growing steadily.<\/p>\n
Late last month, DOGE was, along with Shiba Inu ($SHIB), added as a payment option on Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global. The move came as Coinbase Commerce moved to make crypto payments \u201ceasier and more accessible.\u201d<\/p>\n
Earlier this month, Elon Musk\u2019s Boring Company started accepting Dogecoin payments for underground rides in Las Vegas, shortly after the world\u2019s richest person noted he would keep supporting the cryptocurrency. Elon Musk\u2019s electric car maker Tesla is also accepting DOGE payments for merchandise on its website.<\/p>\n
The developers behind the meme-inspired cryptocurrency recently released its Core 1.14.6 upgrade, which introduced security updates and changes to its network efficiency as it changed the dust limit for all network participants from 1 DOGE to 0.01 DOGE. The dust limit determines the minimum amount of currency that can be used in a transaction for it to be processed on the blockchain.<\/p>\n
Christine Brown, Robinhood Crypto\u2019s first COO from April 2021 until March 2022, argued last month DOGE \u201c\u201cdoes not get the credit it deserves\u201d for helping further cryptocurrency adoption.<\/p>\n
As CryptoGlobe reported last year,\u00a0search interest for DOGE exploded ahead of the cryptocurrency\u2019s 10,000% rally\u00a0that saw it hit a new all-time high near $0.75.\u00a0\u00a0The cryptocurrency has since lost most of its value, and is now trading at $0.068.<\/p>\n