đ According to AMBCrypto: Can $DOGE price hit $0.25 in May?
To answer this question, AMBCrypto analyzed the social metrics from Santiment.
Investor confidence did not look hefty. It has been negative since April as prices took a turn below $0.2, turning the level to resistance.
The social dominance saw spikes, but the social volume did not change much. This too does not show bullishness but suggests that Dogecoinâs social media mentions have at least been consistent.
Looking at the on-chain metrics, we see that the daily active addresses have fallen dramatically from the February highs. It has been consistently low in the past six weeks.
This was a sign that unique addresses were not involved in transactions, which pointed toward lowered demand.
The transaction volume was relatively consistent in the first half of April. Since then, it too saw a dramatic decrease toward the end of the month.
It has recovered somewhat over the past ten days, which was encouraging, but not necessarily bullish for the token.
The dormant circulation saw a large spike on the 26th of April.
It indicated a large amount of tokens were transferred, likely for selling. Since then, the metric has been quiet, signaling muted selling pressure.
