Although the trading volume continues to grow, Dogcoin (DOGE) is still heavily suppressed.According to the latest on chain data indicators, DOGE no longer seems to be the darling of market whales
Although the trading volume continues to grow, Dogcoin (DOGE) is still heavily suppressed.
According to the latest on chain data indicators, DOGE no longer seems to be the darling of market whales. According to IntoTheBlock (ITB) data, the total trading volume of Dogcoin in the past week is expected to be slightly over $1 billion, although there has been a slight decline, it has only fallen by 1%.
However, during the period so far this week, only about 756 transactions have been made in Dogcoin, while in the period ending October 2nd, this number exceeded 1005. 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 transactions highlights the overall downturn 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 slight increase is not convincing enough. Dogcoin may need to demonstrate stronger fundamentals to sustain price increases.
What can drive the price of dog coins?
Although it is difficult to answer this question, Dogcoin may experience a rebirth in some key technical indicators, including but not limited to total transaction volume, average transaction volume, large volume transactions, and social sentiment.
Although current data shows that transaction volume has only increased by about 2%, maintaining this upward trend is crucial for maintaining the stability of dog coin prices and also helping to plan future growth paths.
Currently, dog coins are facing unique challenges, indicating that their overall practicality is relatively low.
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