The post Dogecoin’s decline: Can DOGE recover from its 95% drop in activity? appeared on BitcoinEthereumNews.com.

Dogecoin’s network activity has dropped 95%, and its price struggles to maintain momentum. Declining transaction counts, MVRV ratio, and negative sentiment suggest limited recovery potential for DOGE. Dogecoin [DOGE] has seen a sharp 95% drop in its network activity, with active addresses plummeting from 2.66 million in November 2024 to just 130,282 at press time.  Dogecoin’s price was $0.2101 at this time, showing a modest 2.42% increase in the last 24 hours. This steep decline in activity could suggest that Dogecoin struggled to maintain momentum amidst broader market challenges.  What does price action say about Dogecoin’s future? AMBCrypto’s look at Dogecoin’s price action showed that it had been in a steady downtrend in a symmetrical triangle after reaching a peak of $0.41796.  The price was sitting near $0.2101 at press time, with support found around the $0.17594 mark. However, there are key resistance levels that could influence future movements, namely $0.27155 and $0.31413.  If DOGE fails to hold above $0.2100, it could face further losses. Additionally, the RSI was trending lower, indicating continued selling pressure. Therefore, Dogecoin may struggle to break free from its current downtrend unless it sees a major shift in market sentiment. Source: TradingView Declining transaction count suggests… Transaction count data painted a similar picture, with DOGE showing consistent declines in daily transactions since its peak activity in late 2024. Although sporadic spikes have occurred, transaction volume has significantly dropped, signaling lower network activity.  This trend suggested that DOGE’s user base was shrinking, which is a crucial indicator of its long-term health. The lack of new transactions further highlighted the disinterest in the coin, especially when compared to its prior enthusiasm. Source: Santiment Moderate decline in DOGE’s MVRV Ratio Dogecoin’s MVRV Ratio decreased to 40.63%, indicating a moderate decline from its previous highs. Although not yet in…

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Filed under: News - @ February 26, 2025 4:25 pm