Since July 2023, the daily trading volume of dog coins has been decreasing. In the past 24 hours, the price of dog coins has also dropped by more than 3%
Since July 2023, the daily trading volume of dog coins has been decreasing. In the past 24 hours, the price of dog coins has also dropped by more than 3%.
- The trading volume of DOGE plummeted with the decline in weighted sentiment.
- Most market indicators indicate that the price of DOGE may further decline.
In the past few months, the online usage of Dogcoin has significantly decreased. Earlier, when the new Doginals were launched, the network activity of blockchain was boosted.
Now, when the heat subsides, will new updates related to Doginals have any benefits for Dogcoin?
Will the online activity of Dogcoin resume?
In the past few months, the online usage of Dogcoin has significantly decreased, which can be clearly seen from its daily transactions. According to Bitinfocharts, the daily trading volume of DOE has dropped below the 50000 mark after soaring in July.
For over a month, the chart has also remained near the same level.
Blockchain witnessed a significant surge in online activity when it released Doginal earlier. Firstly, dog coins are fragments of dog coins - individual "Shibes" on the dog coin network - marked with rich data, such as text or images.
The DoginalsDRC20 standard allows Dogecoin nodes to write data to each Shibe, thereby creating Doginals.
When blockchain launched Doginals, its network activity surged, but later cooled down. Now, there are new updates related to this, which can once again serve as a catalyst for increasing memecoin network activity.
DogeLabs recently announced that version 1.0.11 of the DogeLabs wallet will be launched on Chrome. This update may attract new users, thereby increasing blockchain network activity.
Dog coins are undergoing price adjustments
During this period, the price of DOGE experienced a significant decline. According to CoinMarketCap data, DOGE has fallen by more than 3% in the past 24 hours alone. As of the time of writing, its trading price is $0.05894 and its market value exceeds $8.3 billion, making it the ninth largest cryptocurrency.
The trading volume of DOE has also decreased in the past few days, indicating that investors are not actively trading memecoins.
DOE's coin security financing rate remained green for most of last week, indicating that investors are purchasing the token at a lower price. In addition, the negative sentiment surrounding the token dominates the market, as evidenced by the decline in its weighted sentiment.
Things may get worse because the Bollinger line of Doggie Coin indicates that the price fluctuations of the coin may soon increase. Its relative strength index (RSI) has sharply decreased.
Most importantly, the cash flow (CMF) of Dog Coin has also decreased towards a neutral level, increasing the possibility of a sustained southward trend in prices.
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