Dogecoin Activity Levels Crash To 4-Month Lows, Does This Spell Doom For The Meme Coin?
Crypto Analyst Ali Martinez Revealing Dogecoin’s bearish chain metric, which creates a negative view of the most important meme coins. Based on this, Doge may have the risk of further decline.
Dogecoin’s activity level collapses to 4-month low
exist X PostsMartinez revealed that since October 2024, domycin’s online activity has dropped to its lowest level, with only 66 whale transactions a day and less than 60,000 active addresses. Bitcoin experts also recently reported Doge’s big deal It has fallen by 88% since the end of last year.
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This drop Dogecoin’s Internet Activities It hit a local high of $0.46 in December, just as the most important meme coin experienced a price crash. Whales greatly influence Doge’s price action, and the decline in whales trading provides a bearish outlook for meme coins.
As dog whales choose to stay off the field, the price of the threshold may drop further. Meme coins have fallen by about 50% from local height records in December, raising concerns Its bull runs it’s over. In addition to the decline in whale trading and active addresses, Doge’s open interest has also attracted attention.
As Bitcoiners reported, Dogecoin’s open interest It has been reduced to December 2024. At that time, the price collapse fell from local highs. Therefore, the most important meme coin is at risk of suffering a price crash again, which may put it below the psychological price level of $0.2.
With such a bearish outlook, Dogecoin has the potential to test the risk of a price level of $0.19. As Martinez previously suggested, this level is important, and rest time below this level suggests that Doge’s Bulls run is over. But, he confirmed that as long as it has a higher level than that, the most important meme coin can still be as high as $4 in this cycle.
The next leads the last juniper before withdrawing
In X posts, crypto analyst Trader Tardigrade It is suggested that this may be the last Dogecoin callback before the next leg. He noted that Doge may have completed the recovery phase. The analyst added that the marking phase of the meme coins is coming. The chart he accompanied shows that when this marking phase occurs, Dogecoin could be as high as $7.
Meanwhile, in another X post, Trader Tardigrade says Dogecoin has reached the same Answer corner From the top of the previous one. Consistent with this, he noted that this may be the last place in the current callback.
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At the time of writing, Dogecoin price is trading at about $0.23, down nearly 5% in the past 24 hours. data From CoinMarketCap.
Featured Images from Getty Images, TradingView.com Charts
