According to CoinDesk, the adoption of joke cryptocurrency dogecoin (DOGE) continues to grow, with the number of cryptocurrency addresses holding DOGE surpassing 5 million for the first time. Data from on-chain analytics firm IntoTheBlock reveals that the number of active addresses on the network has more than doubled to 168,000, reaching its highest level since March 2022. Additionally, the number of confirmed transactions on the Dogecoin blockchain has jumped to its highest point since June, with the tally increasing by 1,000% in the past 10 days.
Despite these impressive figures, the concentration of ownership in DOGE remains a concern. According to BitInfoCharts, fewer than 5,000 addresses control over 80% of DOGE's supply, meaning a relatively small number of traders have control over the cryptocurrency's price. DOGE's market capitalization has risen 14% to nearly $11 billion this month. Greater adoption and usage of cryptocurrency often translate into higher market value. Dogecoin gained notoriety in early 2021 after Elon Musk tweeted memes based on the coin, inspiring the creation of other dog-themed tokens like Shiba Inu. Joke cryptocurrencies, in general, surged during that period as the coronavirus lockdown, stimulus cheques from governments, and unprecedented monetary easing by central banks spurred risk-taking across financial markets.
