Although the trading volume continues to grow, Dog Coin (DOGE) is still under strong pressure.According to the multiple positive on chain indicators displayed today, DOGE no longer seems to be the preferred option for the market whales
Although the trading volume continues to grow, Dog Coin (DOGE) is still under strong pressure.
According to the multiple positive on chain indicators displayed today, DOGE no longer seems to be the preferred option for the market whales. According to IntoTheBlock (ITB) data, the estimated trading volume of Dogcoin over the past week is slightly over $10 billion, a slight decrease of 1%.
However, from a digital expansion perspective, Dog Coin (WTD) has only recorded about 756 transactions so far this week, while as of October 2nd, the number of transactions exceeded 1005. For large transactions, according to ITB data, the value of these transactions is usually fixed at $100000 or higher.
As shown in the chart, whale trading is relatively low, which more broadly reflects the overall downturn sentiment of Dogcoin. According to ITB data, the number of active addresses per day decreased by 1.32%, although this number is still relatively high, reaching 45000. Gougou Coin has experienced a considerable downward trend for a long time, but according to CoinMarketCap data
As of the writing of this article, its price has increased by 0.66% to $0.06142. Although this recovery is relatively weak, digital currencies may need to demonstrate more convincing fundamentals in order to maintain their upward momentum in prices.
What can drive the price of dog coins?
Although answering this question may be challenging, Dogcoin may benefit from improvements in some key technical indicators. These indicators include but are not limited to total transaction volume, average transaction volume, large volume transactions, and social sentiment.
Although current data shows a growth of approximately 2% in trading volume, maintaining this upward trend is crucial as it not only helps stabilize the price of Dogcoin, but also helps to develop new growth paths.
However, the current situation shows that dog coins are showing resistance in a unique way, indicating that their overall practicality is relatively low.
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