DOGE needs sleeping traders who can now stand up and shake

DOGE, the most popular coin meme in the crypto market, has been at the bottom of a downtrend line for over 2 months. This altcoin didn’t recover on its own after the Saturday Night Live (SNL) crash and it appears that the self-proclaimed “DogeFather” Elon Musk has lost most of his power. In fact, DOGE is also slowly falling on CoinMarketCap, currently in 8th place.

This altcoin is trading at $ 0.189. Right now, the community’s dream price of $ 1 that once seemed possible now looks far-fetched.

DOGE price table | Source: Tradingview

Why has DOGE performed below average so far? With no use case, this altcoin is only supported by speculation and hype from community members on social media. In the past few weeks, however, prices have fallen significantly and nowhere near the May highs.

DOGE price (green), social dominance (pink), social volume (blue) | source: Mood

Trader falls asleep

The inactive status of DOGE dealers could be another big reason the course hasn’t done much. Over a period of just over 75 days, the number of active traders fell by more than 50%.

For example, Mai had over 713k active dealer addresses. That dropped to 312,000 last month and is at 297,000 at the time of writing.

Number of active addresses | source: IntoTheBlock

It is interesting to note that participants who hold coins for 1-12 months currently control the DOGE market. Just 1.25 million active addresses in May grew to 1.81 million in June and 1.8 million at the time of going to press.

What does this emerging trend mean? Market participants as traders have now become owners. As the price is trending down, they don’t want to cut their losses too much, so they have to hold on to die.

In addition, the unprofitable aspect can be shown by the indicator “profit / loss”. The data shows that 73.41% of addresses lose money. In essence, it means that the current price is much lower than the average cost of the previous traders who bought in.

In addition, according to In the block, the number of large transactions also decreased. On July 15, only 1.23,000 large DOGE transactions took place, while the same number ranged from 2.2,000 to 11,000 in the second half of April. In addition, there have been more bears than bulls in the last few days, again not a good sign for the DOGE price.

Only when traders return to the DOGE arena can the number of trades increase, the cops regain control and slowly return to land. In the past, when all of this happened, prices went up. Until then, it looks like DOGE’s condition will continue to deteriorate and maybe even Musk can’t do anything about it.

Coinbase CEO refutes Jackson Palmer

Coinbase CEO Brian Armstrong reacts to a viral tweet storm from Dogecoin co-founder Jackson Palmer. Recently, Palmer gave a grim outlook on Bitcoin and the entire crypto space.

Palmer claims that crypto is primarily intended to “add to the wealth of its proponents.”

“Despite claims of decentralization, the crypto industry is controlled by a powerful conglomerate of wealthy personalities. They have evolved over time, partnering with many similar institutions that are linked to the existing centralized financial system and are to be replaced, “the Dogecoin co-founder told Bloomberg.

In response, Armstrong said the technology behind cryptocurrencies expands access to opportunity and makes it easier to move assets.

1 / It all depends on your perspective … If you believe that government should be the solution to people’s problems, then the Fiat system with its “controls” has a lot going for it. https://t.co/JCwhQW9nLT

– Brian Armstrong (@brian_armstrong) July 15, 2021

“Cryptocurrencies will not solve wealth inequality. No attempt is made to achieve the same results for everyone. But it creates affluent mobility and more equal opportunities for everyone. It has at least partially leveled the playing field. “

The Coinbase CEO also said the cryptocurrency would be suitable for liberals who prefer a market economy system.

“If you believe that government solutions are often ineffective, too promising, or fraudulent, with unintended consequences, and personal accountability will produce good results in the open market. For everyone, cryptocurrency is a much-needed breath of fresh air.”

Armstrong added that Bitcoin brings wealth to many people because it is not under the control of any government or regulator. According to the CEO, government solutions such as investor laws backfire and make it difficult to get rich through investments.

“The recognized investor law is a prime example of this. They were created with the best of intentions to protect the common people from fraud – a noble idea. But what is the real result? They often find it illegal to get rich by investing unless you are already rich. “

This is one of the reasons why Bitcoin makes so many people rich. It’s not a security, so normal people will soon be able to invest. “

Minh Anh

According to AZCoin News

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