Dogecoin's Popularity Soars, But Prices Fall

Dogecoin has outperformed all other memecoins in terms of both traders and transactions. However, the same can not be said about its prices.The bull run that kicked off at the beginning of the year has been marked by the ever-increasing popularity of memecoins.

Based on recent insights provided by IntoTheBlock, it has been observed that the number of addresses holding meme coins for a duration of under thirty days reached an all-time high in the previous month. This suggests a substantial influx of novice traders engaging in the purchase of meme coins.has outperformed all other memecoins in terms of both traders and transactions. However, despite this, the price of DOGE fell significantly over the last few days. At press time, DOGE was trading at $0.

The price of DOGE fell past the $0.193 level during this period. If things turn worse for DOGE, the price of the memecoin could decline further and reach the 0.15949 level as well.With a CMF value below zero, it suggests a prevailing outflow of money from DOGE, indicating a bearish sentiment prevailing among traders. This suggests that selling pressure may be outweighing buying interest, exerting downward pressure on DOGE’s price.

Additionally, the OBV for DOGE also declined. Moreover, the declining OBV reflects diminishing trading volume over time, which, when coupled with falling prices, confirms a downtrend.Despite the decline in price, the MVRV ratio of DOGE remained high. This suggested that many holders were relatively profitable at the time of writing. It remains to be seen whether these holders hold on to their DOGE or begin to sell their holdings.

If this trend continues, there could be a reversal of the bearish move and the price could move toward the $0.2 level.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

Dogecoin Memecoins Traders Transactions Prices Decline

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