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Dogecoin

Dogecoin Network Activity Remains Flat, Threatens To Send Price Lower

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin (DOGE) is at risk of a significant price decline due to its network activity, which has remained flat for a while now. Despite a bullish spike in some other metrics, this on-chain metric remains vital for the foremost meme coin’s growth. 

Dogecoin Network Activity On The Low

Data from the market intelligence platform IntoTheBlock shows that Dogecoin’s net network growth is bearish and hasn’t recently experienced any notable increase. Further data from the platform shows that the number of new addresses on the network has dropped by almost 10% in the last seven days. 

Related Reading: Shiba Inu In Danger Of Significant Sell Pressure Despite 588% Surge In Large Transactions
Dogecoin 1
Source: IntoTheBlock

In an X (formerly Twitter) post, IntoTheBlock provided more insights into the slowdown in Dogecoin’s network activity and how the meme coin has had to rely on existing holders so far. According to the platform, the number of new addresses has slowly decreased, indicating a lack of new investors joining the network. 

 

Dogecoin 2
Source: IntoTheBlock

Thanks to this, the number of transactions on the network has been mixed over the last three months. IntoTheBlock noted a few notable spikes, but they were all shortlived, further highlighting how Dogecoin has recently failed to witness a sustained influx of new participants onto the network. 

Dogecoin 3
Source: IntoTheBlock

Given the slowdown in the number of new addresses, it is also possible that these notable spikes in Dogecoin transactions were sparked by existing addresses on the network rather than new holders. This slowdown in new addresses explains why Dogecoin’s price action has been rather unimpressive, with the foremost meme coin being unable to replicate the price gains of other meme coins like Pepe (PEPE).

Meanwhile, IntoTheBlock highlighted Dogecoin’s diamond holders’ role in keeping its price afloat amid the meme coin’s lower transaction volume. These long-term holders, who have an average holding time of over two years and three months, have continued to hold, although people might not be actively using the network.

Data from IntoTheBlock shows that 68.11% of Dogecoin holders are still in the money despite the meme coin’s unimpressive price action. Many of these investors bought DOGE while it was still trading below $0.10. 

Dogecoin 4
Source: IntoTheBlock

Plausible Explanations For DOGE’s Slowing Network Growth

A plausible explanation for the slowdown in Dogecoin’s network activity is that new investors do not see much upside for DOGE at its current level. As such, they are tilting towards newer meme coins, which they believe will provide them with more gains. Indeed, Dogecoin hasn’t fared well compared to these newer meme coins. 

Related Reading: Here’s How Much You Would Have If You Bought $100 In Bitcoin 14 Years Ago

DOGE has a year-to-date (YTD) gain of just over 11%. Meanwhile, coins like Dogwifhat (WIF) and Pepe (PEPE) have YTD gains of over 1,000% and 500%, respectively. The meme coin market is also getting more saturated, especially with the number of meme coins launching in the Solana ecosystem daily. As such, it is understandable that Dogecoin isn’t enjoying the kind of attention it used to in the past. 

At the time of writing, Dogecoin is trading at around $0.099, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin price chart from Tradingview.com
DOGE price falls from $0.1 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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