Data on the series shows that the activity on the Dogoin network has witnessed a noticeable decrease recently. Here is what this can mean for the price of Doug.
The scales related to Dogecoin activity recently decreased
The analyst Ali Martinez also indicated in Jadid mail In X, some Dogecoin indicators related to the network activity have returned to the lowest level within a few months.
There are three related measures here: the number of whale transactions, the size of transactions, and daily active addresses. The first of these, The number of whale transactionsThe total number of DOGE transfers that bear a value of more than one million dollars.
Transactions of this size generally belong to whale entities, so it can be assumed that the index represents the activity in which huge traders participate in the market.
the TransactionThe second indicator, mostly tells us about the activity of these investors, because it measures the total amount of Dogecoin that has become involved in the networks. Young investors are also included naturally at this value, but since whale transactions tend to be very large, they drown them from the scale data.
The final indicator, Daily active addressesHe is the person who is monitored to know the level of activity of ordinary investors. This scale measures the number of titles involved in at least one transaction on the network every day, whether as a sender or a recipient.
Although whales are large in size, their numbers tend to be much lower than retailers, and therefore the daily active headlines, which prefer the number of addresses, highlight the behavior of small entities.
Now, here is the graph that the analyst shares, which shows the trend in the indicators of Dogecoin on this series during the past few months:
Looks like all three of these metrics have witnessed a decline in recent weeks | Source: @ali_charts on X
As shown in the above graph, all of these three indicators have decreased to relatively low levels, which means that the activity in all areas has decreased to Dogecoin.
Nowadays, whales collect only 66 daily transactions and less than 60,000 unique addresses on Blockchain. Martinez noted that this low level of activity has not been seen since October last year.
Usually, Dogecoin requires a high participation of users, especially whales, in order to install any big step. With indicators related to activity sitting at its lowest levels, the price of Meme Coin will continue in the struggle in the coming days.
However, the standards may be watching them, as it is only a few news to get investors to return to the M -currency.
Dog’s price
Dogecoin decreased alongside the rest of the Altcoin market during the past day, as its price fell to less than 0.23 dollars after a decrease of 5.7 %.
The price of the coin seems to have been going down recently | Source: DOGEUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
