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Dogecoin (DOGE) is currently no longer the favorite of market whales, according to multiple positive on-chain metrics it is showcasing today. According to data from IntoTheBlock (ITB), Dogecoin's large transaction volume over the past week is pegged at a little above $1 billion, representing a marginal 1% slump within the said time frame.
When the figures are expanded, Dogecoin has inked just about 756 transactions in the week-to-date (WTD) period as compared to the more than 1,005 transactions it recorded as of Oct. 2. By large transactions, the ITB data pegs them at cash movements worth $100,000 or more.
The relative dearth of whale transactions as shown is a broader reflection of the currently dampened sentiment in Dogecoin overall. Per the ITB data, Daily Active Addresses have also slumped as low as 1.32% with the figure notably pegged at a little above 45,000.
Dogecoin has been on a downtrend for quite some time, but at the time of writing, its price is up by 0.66% to $0.06142, per data from CoinMarketCap. While this recovery is too faint to be trusted, the digital currency might have to flash more convincing fundamentals to help sustain its price surge.
What can drive Dogecoin price?
Despite the difficulty in offering an answer to this question, Dogecoin can benefit immensely from the rebirth of some of its most important technical indicators, including but not limited to total transaction count, average trading volume, large transactions and social sentiments.
While current data shows an uptick in trading volume with a growth of about 2%, sustenance of this uptrend is crucial in not just stabilizing the price of DOGE, but also helping chart a new growth course.
At the moment, Dogecoin is exhibiting resistance in unique ways, a testament that it has a relatively stunted utility across the board.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide
