The activity on the Dogecoin (DOGE) network has recently decreased significantly, with data showing the lowest daily number of large transactions and active addresses in the past six months. According to sentiment data, only 66 whale transactions have been recorded on the Dogecoin network, which could hinder DOGE price growth. On the other hand, the decrease in active addresses indicates a decline in retail user activity, which could reduce liquidity and keep the market in a recession. Over the past 24 hours, the price of DOGE has reached around $0.19 with a growth of over 5%, but this growth does not necessarily signify the beginning of a strong upward trend. If selling pressure increases, there is a possibility of DOGE price dropping to $0.14 or even $0.12. Despite the decrease in network activity, the weekly DOGE chart shows signs of an upward trend. Some analysts believe that if Bitcoin and the digital currency market enter an upward trend, Dogecoin could also grow and test higher resistances. Currently, traders should monitor whale movements and the potential breakouts from the current price range to have a better direction for their trades. Visit the real-time digital currency price page to see the live prices of all tokens and cryptocurrencies.
