The price of Dogecoin saw a sharp decline on Tuesday, with active addresses reaching a peak in terms of user activity. This drop followed gains made by DOGE on Monday. According to on-chain metrics from Santiment, the number of Dogecoin holders has significantly decreased, showing a net loss of approximately 106,600 active wallets since October 8.

This decline has led to growing frustration among traders who are becoming disillusioned with the performance of the leading meme coin. Many are now looking for faster opportunities elsewhere. It seems the sentiment on the broader crypto market is shifting, with investors re-evaluating their portfolios due to volatile prices and declining activity in DOGE.

Dogecoin Price Falls Under Pressure from MVRV Metric

Santiment data reveals that the number of active Dogecoin addresses hit a six-month high of 133,880 addresses on October 10. However, at the time of writing, Dogecoin’s price has dropped by 2.5% to $0.1131, and the number of active addresses has drastically declined, indicating a drop in user activity.

Despite this decline, some analysts are still focused on the $0.20 price level for DOGE. Recent trends suggest favorable signs for future growth. DOGE is currently trading at $0.113, and trading volumes have surged by over 100%. This increase in volume could help push the price towards its next target. One of the reasons for the higher trading volume could be speculation that Grayscale is considering listing DOGE on its platform.

The MVRV (Market Value to Realized Value) metric helps determine when a cryptocurrency like DOGE is overvalued or undervalued. Currently, DOGE shows a 30-day MVRV of 4.93%, indicating that it may be overbought. This positive MVRV value often signals a potential sell-off, increasing selling pressure on exchanges.

Growth Outlook for 2024 and Significant Recovery in 2025

In 2024, Dogecoin's price is expected to see moderate growth, with forecasts ranging between $0.12 and $0.25. This growth will depend on the overall recovery of the crypto market and community support. Despite positive sentiment, the growth may be limited by ongoing market consolidation.

However, by 2025, Dogecoin is expected to experience a more substantial price increase. Predictions suggest it could range between $0.22 and $0.50, driven by higher adoption, technological advancements, and partnerships that boost demand and positively impact price action.

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