Dogecoin (DOGE) the OG meme coin is up about 30 percent since the start of the month. It is trading above $0.09 and is currently rising on the back of Elon Musk’s tweet about his Starship launch attempt.
But the initial boost can be attributed to the sudden change of the old bluebird logo on Twitter earlier this month to a cropped image of Dogecoin on its homepage, a move that single-handedly sparked a small price increase and a spike in network traction.
The number of active addresses for Dogecoin has surged to its highest level since August 2022, surpassing 100,000 this month, according to Bitinforcharts. Throughout the year, the network has been attracting more than 47,000 daily users.
Additionally, the number of addresses has remained above 55,000 for the past month.
This trend could indicate an increase in market share and interest in blockchain networks, ultimately leading to a surge in demand for the underlying crypto asset. Transaction fees also surged to new levels this week.
Dogecoin nearly doubled after bottoming out at $0.049 in June 2022 as the entire cryptocurrency market recovered. Following Musk's controversial acquisition of Twitter, many want DOGE to become the social media platform's official payment token.
While that hasn't happened yet, the Twitter chief briefly replaced the platform's iconic bluebird logo with DOGE's official mascot earlier this month, sparking a nearly 40% backlash. Recently, Musk announced a reward of 1 million DOGE for anyone who can find the existence of an emerald mine that many reports claim is owned by his family. This also provides important support for memecoin.
