Serious Dogecoin (DOGE) issue detected on-chain

Serious Dogecoin (DOGE) issue detected on-chain

Dogecoin (DOGE) is coming under its own weight, with a number of metrics retreating for the cryptocurrency over the past week. At the time of writing, the Dogecoin price has He slipped 3.14% to $0.07998, and the price hit an overnight low of $0.07964.

Dogecoin (DOGE) is coming under its own weight, with a number of metrics retreating for the cryptocurrency over the past week. At the time of writing, the Dogecoin price has He slipped 3.14% to $0.07998, and the price hit an overnight low of $0.07964.

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Dogecoin’s current price has forced Chainlink (LINK) to remove the coin from the list of top 10 cryptocurrencies by market cap, a demotion that hasn’t happened to the dog-themed meme coin in over a year.

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This drop in rankings is not the worst for Dogecoin, as on-chain data, shared by top market analyst Ali Martínez, sample a reduction in the total volume of transactions. While this is a cause for concern, Martínez also highlighted how whale volume is declining, underscoring the slow pace of adoption of the currency overall.

In recent years, Dogecoin has seen limited volatility in its price action, with visible ticks generally in favor of market bears. Dogecoin has a unique strength, based on the actions of its whales, which could mean worse outcomes for the coin in the future.

Possible Dogecoin exchange

Dogecoin is seeing an unimpressive overall trend, and this could be a result of the lack of attractive growth trends in the protocol as a whole. Without innovations, investors are about to get tired of speculation, and this could be the currency’s current nightmare right now.

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‘Dogecoin is sick,’ DOGE Foundation representative explains why

Trading each other is a key trend in the Web3 ecosystem, and displaced tokens often restructure to reset their growth fundamentals. For now, the only visible activity in the Dogecoin ecosystem is the upcoming Doge-1 space mission, which notably won’t affect the ecosystem much beyond the hype.

Unless DOGE developers carry out a drastic revamp, other rival meme coins may lead adoption over time.

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