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Dogecoin, the popular memecoin that started as a joke, has achieved a significant milestone by surpassing 5 million addresses for the first time. This growth in adoption comes at a time when interest in cryptocurrencies, especially unconventional ones like Dogecoin, is on the rise. The number of active addresses on the Dogecoin network has more than doubled to 168,000, marking the highest level since March 2022. Additionally, the number of confirmed transactions on the Dogecoin blockchain has seen a remarkable 1,000 percent increase in the past 10 days, reaching levels not seen since June. The market capitalization of Dogecoin has also risen by 14 percent this month, exceeding $11 billion. However, there is concern about the concentration of ownership, as a small number of traders possess more than 80 percent of DOGE’s total supply. Despite this, Dogecoin’s growing community and its association with Elon Musk’s tweets have contributed to its success. Dogecoin’s founder, Billy Markus, has observed a bullish trend in transaction volume, with the potential for transaction volumes to reach as high as $800,000 to $1 million by the end of the year. The recent surge in Dogecoin prices has been attributed to the increased reserves of Dogecoin miners. With over 5 million holders and heightened transaction activity, Dogecoin’s journey from a meme-inspired joke to a prominent player in the crypto space is undeniable.