Dogecoin Sees 95% Drop in Network Activity—Trouble Ahead?
Dogecoin, the industry’s main meme coin, has always been leading the price performance of most Altcoins in recent months. But it faces the toughest challenges amid the decline in network activity and low prices.
According to an analyst, Dogecoin has experienced a huge 95% decrease In active addresses on their network, a significant decline in activity is indicated.
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#DogeCoin $ DOGE Internet activity fell by 95%, from 2.66 million activity addresses in November to 130,282 today! pic.twitter.com/slh3qtump6
– ali (@ali_charts) February 25, 2025
Should Dogecoin holders worry?
As Dogecoin’s price began to recover, its network activity suffered. Crypto expert Ali Martinez pointed out that the decline in network activity shared the decline in the number of active addresses three months ago.
According to Martinez, Dogecoin Network has obtained 1,292,770 new activity addresses by November 21, 2024. The number quickly soared to 2.4 million active addresses, but the number dropped immediately. Between December 2024 and February 2025, the number of addresses fell by about 95%.
Meanwhile, the price of Dogecoin is reject There have been basically holders who have caused losses over the past few days. The popular Meme Coin is currently trading at $0.2077, with a slight improvement from $0.1977 a few hours ago. Despite the lowest earnings, Doge still saw a drop from last week’s performance.
Decline of network activity
On February 23, the network had only 30,815 new addresses, confirming slideshows of network activity. The decline in Dogecoin network activity is reflected in its price movement, which dropped from $0.4868 to $0.196. With prices falling and network activity falling, many commentators believe this indicates weak demand for dogs.
According to one data, the percentage of long-term Dogecoin investors fell by 2.67%, which means less accumulation. In addition, the decline in the interim coin holders was 11.81%, which means they have withdrawn from their posts.
Finally, the data showed a 107.45% increase in short-term holders, indicating an increase in speculative trading. The information shows that Dogecoin traders are more interested in short-term and speculative trading activities than long-term investments.
Doge is starting to make big strides!
Heading for $5 soon.$ DOGE #doge #DogeCoin #MemeCoin pic.twitter.com/vaztdmxmsn
– @cryptoelltes (@cryptooelites) February 25, 2025
Doge price target
While Dogecoin’s price is currently down, some commentators expect Rebound soon. According to CryptoeLites, Dogecoin can rebound and be ready to reach a new and higher goal.
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Analysts offer Dogecoin three targets: $0.75, $1.5 and $5.
Featured images from Pexels, charts for TradingView
