Despite the continuous growth of trading volume, Dogcoin still faces strong pressureAccording to multiple positive on chain indicators showcased today, Dogcoin is no longer the favorite of whales in the market. According to IntoTheBlock (ITB) data, the huge trading volume of Dogcoin over the past week is expected to be slightly over $1 billion, with a slight decrease of 1% within the aforementioned time frame
Despite the continuous growth of trading volume, Dogcoin still faces strong pressure
According to multiple positive on chain indicators showcased today, Dogcoin is no longer the favorite of whales in the market. According to IntoTheBlock (ITB) data, the huge trading volume of Dogcoin over the past week is expected to be slightly over $1 billion, with a slight decrease of 1% within the aforementioned time frame.
When expanding the numbers, Gougou Coin only signed about 756 transactions during the week to date (WTD) period, while more than 1005 transactions were recorded as of October 2nd. For large transactions, ITB data fixes them at cash flows worth $100000 or more.
As shown in the figure, whale trading is relatively scarce, which more broadly reflects the current low overall sentiment of Dogcoin. According to ITB data, daily active addresses have also decreased to 1.32%, which is significantly higher than 45000. Dogcoin has been on a downward trend for quite some time, but according to CoinMarketCap data,
As of the time of writing, its price has increased by 0.66% to $0.06142. Although this recovery is too weak and unbelievable, digital currencies may need to demonstrate more convincing fundamentals to help sustain their price surge.
What can drive the price of dog coins?
Although it is difficult to answer this question, Dogcoin can benefit greatly from the rebirth of some of the most important technical indicators, including but not limited to total transaction volume, average transaction volume, large transactions, and social sentiment.
Although current data shows a growth of approximately 2% in trading volume, maintaining this upward trend is not only crucial for stabilizing the price of DOE, but also helps to develop new growth paths.
At present, dog coins are showing resistance in a unique way, which proves that their overall practicality is relatively poor.
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