Dogecoin price steady as addresses surpass 100k for the first time in 9 months

Dogecoin price has remained steady since the start of April after it surged to a 4-month high. The leader of meme coins was trading at $0.08691, down by about 5% on a day when Elon Musk’s SpaceX Company just conducted its first Starship orbital test flight.

Just like the Starship which ended up in an unplanned rapid destruction midway through the test flight, Dogecoin (DOGE) started the day with a surge to a daily high of $0.09297 before pulling back to the current price.

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Dogecoin active addresses

According to data from Bitinforcharts, the active Dogecoin addresses count surged to levels not seen since August 2022 on April 4 when it surged above 100k.

At the time when the addresses jumped above 100k, the price of Dogecoin also pumped to a 4-month high buoyed by an abrupt temporal change of the old blue bird logo on Twitter to a cut-out image of Dogecoin. After Elon Musk’s Twitter takeover, many hoped that DOGE would become Twitter’s official payment token.

Interestingly, Dogecoin network has consistently attracted more than 47k daily users, showing consistency from investors. The active addresses have also remained above 55k over the last 30 days.

All these factors point to an increased market share and increased interest in the network that could result in a spike in the DOGE demand.

Besides, the broader crypto market recovery Dogecoin price has almost doubled since hitting its June 2022 low. On the flip side, its transaction fees have skyrocketed to a new level this week.