Dogecoin price has dropped 18% since obtaining its top on Saturday.
Santiment data shows that DOGE made a seven-month high in address activity.
Dogecoin RSI dropped from the overbought region to the neutral level.
Dogecoin (DOGE) fell 18% from its recent high, but on-chain data suggests the meme coin’s bullish trend is far from over.
Santiment, a blockchain analytics firm, has highlighted a seven-month high in network activity and a four-month high in whale transactions, indicating the potential for further price rise. Retail investors have since been taking advantage of the meme coin’s price gains in recent days.
According to the data from CoinMarketCap, Dogecoin has risen 14.52% in the past 30 days and is up a modest 0.5% in the past week. However, in the past 24 hours, the DOGE token has dipped 8.14% and is trading at $0.1091 at the time of publication. Meanwhile, the cryptocurrency is ranked 8th in the market with a capitalization of $15.9 billion.
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