Meme coins have taken over the market. Several meme-inspired cryptocurrencies have stolen the spotlight from increased adoption to their ever-rising number of holders. Dogecoin [DOGE], the OG meme crypto, has been making big news in recent months. The cryptocurrency was dragged into Elon Musk’s Twitter acquisition all along. Despite the disappointment, DOGE maintained its following and even managed to attract some new investors.
A recent chart revealed that Elon Musk’s favorite cryptocurrency had several enthusiasts regardless of its declining price. Crypto trader Ali Martinez shared a tweet delving deeper into the recent surge in daily Dogecoin addresses. It was noted that the network witnessed a whopping 265 percent increase in two months. The number of addresses ranged from 14,470 to 38,430, according to Martinez.
This network growth is not surprising as the counterpart of Dogecoin Shiba Inu experienced a similar increase. The total number of Shiba Inu addresses stands at 1,214,637 on July 28. It should also be noted that this was the network’s highest point ever.
Dogecoin has gone through quite a slump. The bear’s dominance caused massive damage to the cryptocurrency market and billions of dollars were washed away. At the time of writing, DOGE was trading at $0.06775. It should be noted that the current price is more than 90 percent below its all-time high of $0.7376.
In addition, this could change quickly as current network growth could drive the asset’s price up. Martinez further tweeted,
“Increasing network growth is a positive sign, which could soon be reflected in the #DOGE price.”
Binance Adds Dogecoin to Its Liquid Swap Program
The Binance Liquid Swap program allows users to swap between two crypto-assets in a smart contract-based liquidity pool. This can be done by simply adding tokens to the pools to get rewards for playing the role of liquidity providers.
Along with other assets such as Shiba Inu, Chain link [LINK]and Litecoin [LTC]Dogecoin made it to the list. Since liquidity pools often charge lower fees than centralized exchanges, traders are drawn to them.
Moreover, since liquidity pools often charge lower fees than centralized exchanges, traders are drawn to them.