Godfrey Benjamin
Dogecoin’s on-chain metrics display diversity as price eyes rebound
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Contents
- What DOGE data says
- Dogecoin sentiment remains pumped
The Dogecoin (DOGE) price is at a crossroads as its on-chain data is showing conflicting stances between bulls and bears. At the time of writing, the premier meme coin was changing hands for $0.009285, down 3.26% in the past 24 hours, according to data from CoinMarketCap. Despite this gloom, Dogecoin presents a daring on-chain twist that shows brighter days might be on the horizon.
What DOGE data says
At the moment, Dogecoin’s trading volume has plummeted by 24.8% to $877,799,567, showcasing dampened sentiment among day traders. While this causes a short-term concern, data from IntoTheBlock (ITB) shows a better-than-expected jump in Daily Active Addresses (DAA) on the Dogecoin network.
This metric pegs the growth rate at 62.93% at the time of writing, with the actual active addresses now pegged at 158,140. This active address count is bullish for Dogecoin as the greater the number of addresses, the more likely growth-boosting transactions can be conducted and change DOGE’s bottom line.
Whale activities in the DOGE ecosystem have shockingly backtracked, with a total of $1.23 billion in large transactions conducted in the past week. As a major anchor of the network, the 24.16% drop in whale transactions adds complexity to the potential expectation of a resurgence by the top meme coin.
Dogecoin sentiment remains pumped
Dogecoin’s price showed an ambitious stride earlier in the month when it erased one zero following a period of sustained uptrend. In the past month, DOGE traded at a high price of $0.1058, with the Fear and Greed Index at the time crossing the 80 mark.
Despite the current gloom, the rating of Dogecoin on the Fear and Greed index has dropped to 65; however, the cryptocurrency is still seeing impressive demand from investors across the board. Should history repeat itself, Dogecoin is poised to end this month on a bullish note, according to Cryptorank’s data.
About the author
Godfrey Benjamin
