Binance recently introduced new trading pairs on both Cross and Isolated Margins, featuring prominent cryptocurrencies like Dogecoin [DOGE] and Cardano [ADA], along with Polygon’s MATIC and Avalanche [AVAX]. The announcement detailed a total of 11 new pairs, comprising ADA/FDUSD, AEUR/USDT, AVAX/FDUSD, DIA/USDT, DOGE/FDUSD, IOTX/ETH, LINK/FDUSD, MATIC/FDUSD, OM/USDT, POLS/USDT as cross-margin pairs, and IOTX/ETH as the lone isolated margin pair.
Despite the broader market’s challenges, on-chain data revealed a noteworthy movement of over 112 million DOGE tokens from Robinhood to an unidentified wallet. Concurrently, there has been an increase in DOGE transfers to crypto exchanges in recent days, indicative of heightened Dogecoin adoption.
In 2023, Dogecoin, the original meme coin, achieved its highest profitability level following prolonged periods of price decline. IntoTheBlock’s distinctive on-chain metrics paint an optimistic picture for the meme coin amid intensifying competition within the meme coin space. The network is currently observing a notable increase in new addresses, underscoring a burgeoning user base.
DOGE is witnessing a significant uptick in daily new addresses, indicating heightened interest in and engagement with the cryptocurrency. These positive developments suggest a favorable outlook for Dogecoin as it navigates the dynamic landscape of the meme coin market. In a recent analysis, popular analyst Ali highlighted Dogecoin’s significant network expansion.
Dogecoin’s Network Boom
The consistent creation of new DOGE addresses reaching unprecedented levels suggests a positive trajectory for the cryptocurrency, laying the groundwork for potential upward price movements. One of DOGE’s famous proponents, Elon Musk, appeared in a live audio conversation with industry leaders.
During a recent space hosted by Cathie Wood of Ark Invest on X, Elon Musk, a vocal advocate for DOGE, shared insights about the anticipated launch of in-app payment services on his ‘everything app’ X, scheduled for mid-2024. Despite widespread anticipation for Musk to integrate cryptocurrencies like Dogecoin and Bitcoin into X’s payment system, he neither confirmed nor denied such integration.
Musk downplayed expectations, stating that he devotes minimal time to contemplating digital assets. However, Tesla, under Musk’s leadership, still holds approximately $148 million worth of Bitcoin on its balance sheet, and the company accepts DOGE for purchases at the Tesla Shop.