Dogecoin (DOGE) – the OG memecoin – was up by around 30% since the beginning of the month. It is trading above $0.09 and is currently rising on the backdrop of Elon Musk’s tweet about his starship launch attempt.
But the initial boost can be attributed to the abrupt change of the old blue bird logo on Twitter to a cut-out image of Dogecoin on its homepage earlier this month, a move that single-handedly prompted a minor price rally as well as spikes in network traction.
According to data from Bitinforcharts, the active address count on Dogecoin has surged to levels not seen since August 2022, going above 100k this month.
Throughout this year, the network has consistently attracted over 47,000 daily users.
Moreover, the address count has remained above 55,000 over the past month.
Such a trend can be indicative of an increasing market share as well as interest in the blockchain network, eventually resulting in a spike in demand for the underlying crypto-asset.
The transaction fees also skyrocketed to a new level this week.
Alongside a recovery across the broader crypto market, Dogecoin has almost doubled after bottoming out at $0.049 in June 2022.
After Musk’s controversial takeover of Twitter, many hoped that DOGE would become the social media platform’s official payment token.
While this is yet to transpire, the Twitter Chief briefly replaced the platform’s iconic bluebird logo with DOGE’s official mascot earlier in the month, which triggered a rally of nearly 40%.
More recently, Musk announced a reward of 1 million DOGE to anyone who can locate the existence of an emerald mine that many reports claim his family owns. This, too, provided a significant leg up to the memecoin.