๐ Dogecoin: Why DOGE Prices Are Dropping Despite Memecoin Mania ๐
The ongoing bull run has seen a surge in the popularity of memecoins, attracting novice traders. Recent data from IntoTheBlock shows a record high in the number of addresses holding meme coins for less than thirty days.
๐ Dogecoin Continues to Bleed ๐
Despite its popularity, Dogecoin (DOGE) has seen a significant price decline, currently trading at $0.181 with a 15.33% drop over the past week.
๐ Technical Indicators: The CMF (Chaikin Money Flow) for DOGE fell to -0.11, indicating a prevailing outflow of money and bearish sentiment among traders. The OBV (On-Balance Volume) also declined, reflecting diminishing trading volume and confirming a downtrend.
๐ผ State of Holders: Despite the price drop, the MVRV ratio remains high, suggesting profitable positions for many holders. The number of DOGE holders has surged despite price fluctuations, hinting at a potential reversal if this trend continues.
๐ Future Outlook: Factors like social popularity and Elon Musk's influence will likely impact DOGE's price movement going forward. Continued holder activity and market sentiment will be key indicators for potential price recovery towards the $0.2 level.