It’s been a while since the market heard DOGE’s barking. In particular, last week saw the value of the meme coin rise as high as $ 0.34. However, it was unable to hold the aforementioned level for long and returned to $ 0.32 at the time of writing.
Time to sell?
At the time of publication, more than 80% of DOGE addresses were profitable. The graph below clearly shows that the increase in the number of profitable addresses has always been followed by a decline in them. Therefore, it can be said that DOGE HODLers tend to charge when they have money.
The “exchanges by side” by IntoTheBlock Metric further revealed the marked difference in the buyer-seller trade difference. Over the past 6 hours, for example, sell trades overshadowed buy trades by more than 60 million DOGE tokens. If the selling pressure intensifies further in the next session, the alt price may not be able to maintain its current price level for long.
What are the stakeholders doing?
As such, DOGE tokes are not evenly distributed among market participants. Whales hold more than 44% of the total circulating supply, while the remaining 56% is shared between retail participants and investors.
Now, in particular, the large volume of transactions has been drastically reduced from 38.76 billion DOGE to just 12.84 billion DOGE in just two weeks. As is well known, whales tend to trade large and their current not-so-active status is another important reason why DOGE’s price hasn’t seen any movement north of late.
No hope at all?
Until a week ago, DOGE’s development activity had been going well. The state of it, however, has now started to deteriorate. In fact, the number of open issues on Github has dropped from 227 to 198 in just two days. The issues as such help developers keep track of their work on Github and a drop in this number essentially implies the slowing state of development progress.
The current condition of most of the above metrics remains unappealing. Therefore, traders should not expect any drastic price fluctuations in the upcoming trading sessions. All in all, in the words of the pseudonymous merchant Kaleo, it is not the right time to sleep with DOGE at this stage. Perhaps, there will never be a right time!
This is a machine translation of our English version.
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