Despite the continuous increase in trading volume, Dog Coin (DOGE) is still subject to strong inhibitory forces.According to the latest on chain data indicators, DOGE seems to be no longer the focus of market whales
Despite the continuous increase in trading volume, Dog Coin (DOGE) is still subject to strong inhibitory forces.
According to the latest on chain data indicators, DOGE seems to be no longer the focus of market whales. According to IntoTheBlock (ITB) data, the total trading volume of Dogcoin in the past week is estimated to be slightly over $1 billion, although there has been a slight decline, it has only fallen by 1%.
However, during the time period so far this week, only about 756 transactions have been made in Dogcoin, compared to over 1005 transactions as of October 2nd. Especially for large transactions, ITB data shows that the value of these transactions exceeds $100000.
At the same time, the relatively small number of whale trades further highlights the overall sluggish sentiment in the current dog coin market. The number of daily active addresses has also decreased to 1.32%, although this number is still as high as 45000.
The price of dog coins has been on a downward trend for a considerable period of time, despite a slight increase of 0.66% at the time of writing, reaching $0.06142. However, this increase is small and unconvincing. In order to maintain price increases, dog coins may need to demonstrate stronger fundamentals.
What factors may drive the price of dog coins?
Although answering this question is not easy, Dogcoin may regain vitality in some key technical indicators, including but not limited to total transaction volume, average transaction volume, large transactions, and emotional performance on social media.
Although current data shows a slight increase of approximately 2% in transaction volume, maintaining this growth trend is crucial for maintaining the stability of dog coin prices and also helping to plan future growth paths.
At present, dog coins face a series of unique challenges, indicating that their overall practicality is relatively low.
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