Can DogeCoin [DOGE]’s surge in network activity mean something for its price

In the final two months, the favored meme coin, Dogecoin [DOGE], logged a 256% uptick within the variety of distinctive addresses that traded the Elon-backed coin day by day, as per newest knowledge

The uptick represented a rally from 14,000 addresses to 38,000 new addresses per day throughout the two-month interval below assessment. However, the expansion in day by day lively addresses for the DOGE was registered regardless of a continued decline in worth. How has this coin fared within the final two months?

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A small worth to pay?

In the two-month window below assessment, the value of the meme coin dropped by 19%. On 30 May, the value per DOGE coin stood at $0.08. As the bears rummaged by way of the cryptocurrency market, the value of the coin declined steadily to be pegged at $0.07 on the time of writing. With a bullish retracement underway out there for the reason that starting of July, the coin has seen a 16% development in worth within the final 29 days.

The coin’s buying and selling quantity dropped within the 60-day interval below assessment. Within that point, DOGE logged an 8% lower in its buying and selling quantity. This stood at 618.43 million at press time, with an 18.54% decline within the final 24 hours. 

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Further, at $9.32 billion and presently ranked quantity ten on CoinMarketCap’s rating of crypto property with the most important market capitalization, DOGE’s market capitalization declined by 25%. Two months in the past, the meme coin’s market capitalization was $11.65 billion.

Dogecoin DOGE 09.39.38 30 Jul 2022

Source: Santiment

On a 24-hour chart, the meme coin posted a 0.12% development in worth. Interestingly, the coin has seen an uptick in shopping for strain within the final two days. Spotted in an uptrend, the coin’s Relative Strength Index (RSI) was 55.92 at press time. Similarly, headed to the overbought place, the coin’s Money Flow Index (MFI) was pegged at 70.51 on the time of writing.

DOGEUSDT 2022 07 30 09 43 45

Source: TradingView

On-chain efficiency

Despite the spectacular development within the day by day lively addresses that transacted DOGE within the two-month interval below assessment, knowledge from Santiment revealed a major decline within the combination quantity of DOGE tokens throughout all of the transactions accomplished inside that interval. At 255.77 million at press time, this metric dropped by over 200% within the final 60 days. Represented in USD, this declined from $81.1 million to $14.29 million.

Dogecoin DOGE 09.59.21 30 Jul 2022

Source: Santiment

In the previous two months, the coin’s social dominance rose to a excessive of 12.88% on 16 June. At 3.24% at press time, this metric logged a 74% decline since 16 June. The coin’s social quantity additionally marked a excessive of 8561 on 19 June. Pegged at 617 on the time of writing, the coin’s social quantity dropped by 92%. 

On a developmental entrance, the coin logged some respite. This grew by 152% within the interval below assessment.

Dogecoin DOGE 10.00.18 30 Jul 2022

Source: Santiment

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