DOGE “remains silent” before the sharp rise in the large market
DOGE has established itself as one of the most talked about coins in the community today. In fact, even the smallest movements in network statistics cause DOGE’s social volume to grow. This time, however, it is different. Although many people talk about DOGE, nothing seems to be happening. That literally signals nothing good.
DOGE “remains silent” when the market rose
While Bitcoin and most altcoins are nearing their all-time high (ATH), DOGE is the only coin that is far from ATH. For example, at the time of writing it is down more than 67% from its ATH of $ 0.71.
DOGE 4-hour price chart | Source: TradingView
More than the price movement, however, investor profitability isn’t very bright. Since the May crash, profitability has stayed below 75% for most of the time and only 66% at the time of writing.
The slight recovery of DOGE has also not triggered any upward movements on the chart.
Number of profitable DOGE addresses | The source: In the block
As price volatility weakened this month, the correlation with Bitcoin also fell to a monthly low of 0.66. This is certainly not a positive signal.
DOGE-BTC correlation | Source: Intotheblock
However, not everything is due to the network’s faults. Investors also contributed to this situation.
Few of them appreciate it DOGE
The total number of addresses and addresses with balances continues to grow. For example, at the time of this writing, 6.5% of all addresses contain DOGE.
This figure shows that with 66.19 million addresses, the number of investors in the network is only 4.35 million. These 4.35 million people are the only ones who take DOGE seriously.
Distribution of DOGE. Addresses | The source: In the block
In addition, this month mainly the situation of investors who are selling appeared. The range between buying and selling ranges from 1 million to 60 million and even 170 million DOGE tip over to the sales side at some point.
Total buying and selling volume | Source: Coinalyze
In addition, millions of long contracts are constantly being liquidated due to a loss of confidence in the market.
DOGE already sees demand for more than 56 million coins.
Number of contracts for the sale of DOGE | The source: In the block
So if investors want to see something good from DOGE, they have to keep it and stop selling. Otherwise the price will keep falling.
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