Crypto - Dogecoin explodes by 13% in 24 hours! Here's why!

Dogecoin (DOGE), this humorous cryptocurrency has managed to take center stage. Indeed, according to the data, DOGE has experienced an unprecedented surge in network activity. Even better, this excitement has been accompanied by a dramatic increase in its price, jumping 13% in just 24 hours.

A crypto activity explosion like never seen before!

The enthusiasm surrounding Dogecoin in recent days is simply breathtaking. According to the revealed figures, no fewer than 28,000 new addresses were created on May 2, a whopping 102% increase compared to the monthly low reached a few days earlier. Enthusiasm that has not faltered as the number of non-empty crypto addresses climbed by 27% over the past six months, reaching the 6.6 million mark of active wallets.

This frenzy of activity reflects a renewed interest in DOGE. After all, a dynamic and expanding network generally forms a fertile ground for an increase in prices. And investors understand this, as they have flocked to this iconic cryptocurrency, thereby boosting its valuation. A true acknowledgment for this often-mocked “digital dog” that today proves its resilience and ability to surprise.

A rebound driven by a favorable context

Beyond this renewed interest in Dogecoin, other factors have also contributed to its recent rise. Indeed, this surge coincides with a bullish movement across the crypto markets, itself fueled by weaker-than-expected US economic data. Job creation in the United States for April was disappointing, with just 175,000 new positions, well below experts’ expectations.

In this context, investors have bet on a slowdown in the pace of interest rate hikes by the Federal Reserve. A perspective that has boosted the appetite for risk, benefiting risky assets like crypto. Carried by this favorable dynamic, the price of Dogecoin was able to soar, gaining nearly 13% on the day of May 4 to reach 0.15 dollar.

Far from being a mere “crypto meme”, Dogecoin now asserts itself as an undeniable player in the digital currency landscape. Driven by an enthusiastic community and increasing adoption, it manages to stand out despite the headwinds.