What does Dogecoin’s 8th birthday party have to offer?

Nothing is impossible in the crypto world. Dogecoin, with its origins as a joke coin, has gradually risen to become one of the 10 largest digital assets. However, at the time of writing, DOGE is no longer on that list and its prospects for the future are not as good.

Happy birthday Dogecoin

Dogecoin just celebrated its anniversary on December 6th. Looking back on the development process over 8 years, the project has attracted a large number of loyal followers.

With 67 million addresses and 4.2 million investors, it can be said that Dogecoin has left a lot of important traces over the years.

Total number of Dogecoin investors | The source: In the block

Indeed, over the past 1 year period, DOGE has made a substantial profit. The rally that began in early 2021 saw the price rise by more than 15.663% at its peak. Though DOGE has been down almost 75% since then.

DOGE price campaign | Source: TradingView

Dogecoin has even helped other meme coins like SHIB soar and become a prominent asset in the field. SHIB grew even faster than DOGE, reaching 1.035% in just one month. But shortly thereafter, the price corrected 54% to $ 0.00003603. In fact, SHIB grew even further as it gained more mainstream adoption.

SHIB price promotion | Source: TradingView

The atmosphere is gloomy

But the question right now is what do such “huge” numbers do if most investors aren’t making real profits? At the time of going to press, of the 4.2 million addresses with a balance, more than 43% had losses.

Profitability of DOGE addresses | Source: Intotheblock

Despite being one of the most popular coins on social media, DOGE dominates just over 5% of the space.

Another big problem DOGE had is development. But thanks to the frequent pushes from “DOGE godparents” Elon Musk, Dogecoin has really fixed that. In fact, the development activity is much stronger now.

Dogecoin development activities | Source: Antiment

However, it seems that investors are slowly losing patience as their sentiment turns really negative for the first time in 2 months.

Dogecoin Investor Sentiment | Source: Antiment

In addition, even on the last birthday, the price only rose by a meager 3.6% with a volume of over 100 million DOGE.

Since December 8th, DOGE has held the lower trendline of the falling wedge that was active during the previous month as support. If it fails and reverses, DOGE is in danger. In addition, many investors left DOGE during its 8th birthday party.

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