Famous cryptocurrency analyst Ali Martinez expressed his thoughts on a new development about the world's largest memecoin, Dogecoin (DOGE), and the price reaction that may be associated with this development.
According to the analyst, the Dogecoin network has been showing truly remarkable development lately. According to the analyst, the number of new addresses on the DOGE network has increased by 1,100% in the last week.
Ali Martinez reported that a record 247,240 new DOGE addresses were created on January 29 alone, marking an all-time high.
The analyst claimed that a continued rise in the DOGE network may soon have a positive impact on the DOGE price.
However, touching on the Bitcoin side, the analyst argued that although some investors were afraid of the last price correction of BTC, BTC whales went into accumulation mode. According to the analyst, the number of wallets holding more than 1,000 BTC has now increased by 67, which means a 4.5% increase in the last two weeks.
Dogecoin price is trading at $0.081 at the time of writing this article. Bitcoin, on the other hand, is hovering around $43,300, with an increase of approximately 3% in the last 24 hours.
*This is not investment advice.