The million dollar "dog coin" whale trade has reached an 11 month high, and the market's demand for "memecoin" has remained indifferent.In December 2022, DOGE unexpectedly created a significant amount of data for the first time in regions worth $1 million or more
The million dollar "dog coin" whale trade has reached an 11 month high, and the market's demand for "memecoin" has remained indifferent.
In December 2022, DOGE unexpectedly created a significant amount of data for the first time in regions worth $1 million or more. According to Santiment, at the time of writing this article, DOGE had completed more than 37 transactions. Since November 30th, the performance of memes has been poor, and these wealthy investors have found the appeal of DOGE. However, what surprised DOGE was more than that.
Just like seven digit transactions, transactions within the $1 million range also surged to 179. However, Whale had already made several transactions before the recent update.
Belief is still not high
This move was taken after his optimism subsided. Despite the opportunity to create upward momentum, Santiment pointed out that investors have decided to be skeptical as optimism has dropped to 357.
However, such a decline did not reach a sharp negative growth. After reviewing the report from the platform on the chain, the negative emotions of DOGE decreased to 234. So, the above news indicates that the views of dog coin investors are relatively neutral. So, feedback on memecoin is still hesitant.
In addition, the debate over whether this coin may become Twitter's official payment website is also decreasing. The platform has not yet announced its payment plan, which has raised questions from the DOE community.
After further investigation, the active address of Dogcoin remained around 100000 within 24 hours. As of the time of publication, the exact number of valid addresses is 114000. Because this number is slightly higher than the previous day, it shows the proportion and average level of investors in different DOGE transactions.
According to its daily circulation, Gougou Coin corrected its earlier decline. Due to its illumination of 1.3 billion, this means that a considerable number of DOGE has changed hands 5 or more times in the past 24 hours.
Dog Coin Drift from Revenue
Short term unreliability is satisfied around DOGE. This uncertainty is further demonstrated by the ratio of 30 day market value to realized value (MVRV). According to the MVRV ratio, the short-term outlook shows that the depleted investment portfolio has achieved losses.
It is -0.765%, indicating that investors who bought DOGE after November 27th and insisted on holding it must have experienced a profit reversal. This means that a large portion of the supply has not reached breakeven. Therefore, there is only a small degree of unrealized profits and insufficient demand.
Can it reach the moon?
As we can see, over the years, DOE has evolved into developing a roadmap to accelerate its practicality in the field of encryption. Meanwhile, in order to achieve this goal, "Dogechain" introduced DeFI, GameFI, and NFT to the Dogcoin community, ultimately promoting the practicality of DOGE.
Dogechain is just the second layer of Dogecoin. By stepping into dApp, this community driven project has paved the way for increasing the practicality of coins. However, it is not built on the network of meme coins. On the contrary, it is based on Polygon's custom blockchain solution, called PolygonEdge. So fundamentally, the developers or creators of Dog Coin are not involved in this project.
So far, the results of this layer 2 extension platform have been quite impressive. For example, according to reports, Dogechain processed 20 million transactions on September 8th. In fact, the token has been noticing an average increase of 2 million transactions per day. The future era will reveal the true potential of this blockchain for DOGEhandlers.
Doge ETH Bridge
According to BluePepper, the organization behind the development of the Doge ETH bridge, this bridge will enable DOE to move from the Dogecoin blockchain to the Ethereum blockchain and return. The mixing of meme coin in the Ethereum blockchain will make it very useful in smart contracts, several DeFi protocols, NFT markets, and wallets with additional features and subtle differences. Once the bridge is put into use, investors' views on the overall utility of Doge may be favorable.
Nevertheless, there are still some practical obstacles to overcome in building this bridge. It is expected to be launched before the end of 2022. If the bridge goes according to plan, investors can expect a price surge in the fourth quarter.
The number of DOGE is infinite. Its inflation rate has decreased compared to the same period last year. Elon Musk believes that this feature makes coins more suitable as a currency, and it also has the advantages of reducing transaction costs and improving processing efficiency.
In addition, the merger of Ethereum will also drive a slight increase in the counterfeit currency market, which will have an impact on the broader counterfeit currency market. With the development of Dogechain, buyers may have hope for the fourth quarter.
However, to achieve the above goals, prices must find a solid rebound foundation within the range of 0.08 US dollars. Finally, investors should remember the fragility of meme currencies, as meme currencies are likely to be swayed by a large number of whale movements, leading to higher shipments.
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