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Dogecoin (DOGE) is no longer the favorite of market whales, according to multiple positive on-chain metrics it shows today. According to data from IntoTheBlock (ITB), the sheer volume of Dogecoin transactions over the past week is estimated at just over $1 billion, which represents a marginal 1% drop within said time period.
When the numbers are expanded, Dogecoin has signed around 756 transactions in the week-to-date (WTD) period compared to the over 1,005 transactions it recorded through October 2. For large transactions, ITB data places them in cash movements worth $100,000 or more.
The relative scarcity of whale transactions, as shown, is a broader reflection of the currently weakened sentiment in Dogecoin overall. According to ITB data, daily active addresses have also fallen by as much as 1.32%, with the figure notably pegged at just over 45,000.
Dogecoin has been in a downtrend for quite some time, but at the time of writing, its price is up 0.66% to $0.06142, according to data from CoinMarketCap. While this recovery is too weak to rely on, the digital currency may have to show more compelling fundamentals to help sustain its price rise.
What can drive the price of Dogecoin?
Despite the difficulty in offering an answer to this question, Dogecoin stands to benefit greatly from the revival of some of its most important technical indicators, including but not limited to total transaction count, average trading volume, large transactions, and social feelings.
While current data shows an increase in trading volume with growth of around 2%, maintaining this uptrend is crucial to not only stabilize the price of DOGE but also help chart a new course of growth.
At the moment, Dogecoin is exhibiting resilience in unique ways, a testament to its relatively stunted utility across the board.
