Discover the significant drop in Dogecoin network activity and its potential impact on future prices. Analysts suggest a positive news event may attract investors back.
Based on data from Glassnode, activity on the Dogecoin (DOGE) network has reached its lowest level since October last year. Ali Martinez, a digital currency market analyst, reported that the number of whale transactions (transactions over $1 million) has decreased to 66 daily transactions, and the number of daily active addresses has also dropped to less than 60,000. This decline in activity across all network levels, from large traders to regular users, could be an indication of a continued downward trend in the price of this meme coin in the coming days. However, analysts believe that only a positive news can reignite investors’ interest in this digital currency.
