According to a number of encouraging on-chain measures it is exhibiting right now, market whales are no longer favouring Dogecoin (DOGE) as of right now. A little over $1 billion worth of transactions were made using Dogecoin over the course of the last week, according to statistics from IntoTheBlock (ITB), reflecting a little decline of 1% during that time.
When the data is enlarged, Dogecoin has completed around 756 transactions in the week to date (WTD) period as opposed to the more than 1,005 transactions it registered as of October 2. The ITB data defines significant transactions as cash moves of $100,000 or more.
The relative scarcity of whale transactions as demonstrated is a more comprehensive picture of the generally depressed mood in Dogecoin right now. According to ITB statistics, Daily Active Addresses have also decreased by as much as 1.32%, with the number being noticeably estimated at just over 45,000.
Dogecoin’s price has been declining for a while, but as of the time of writing, according to statistics from CoinMarketCap, it has increased by 0.66% to $0.06142. Although this comeback is too flimsy to be believed, the digital currency may need to show more reassuring fundamentals to support its price increase.
What can drive Dogecoin price?
The resurgence of some of Dogecoin’s most crucial technical indicators, including but not limited to total transactions, average trading volume, major transactions, and social attitudes, can be extremely beneficial despite the challenge of providing a solution to this topic.
The trading volume has increased by roughly 2% according to the most recent statistics, but maintaining this upswing is essential for stabilising the price of DOGE as well as for establishing a new growth path.
Dogecoin is currently showing resistance in unusual ways, demonstrating that its utility is currently severely limited.
