Dogecoin’s rough day: Prices dip 5% while WIF, PEPE enjoy gains

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    DOGE’s value has reduced by almost 5% in the past 24 hours.
    Trading activity in its derivative and spot markets has cratered.

At the moment of writing this, the value of Dogecoin (DOGE) decreased by approximately 5% over the past 24 hours, whereas the prices of other prominent meme tokens experienced minimal growth.

During that timeframe, according to CoinMarketCap’s data, the prices for meme coins like Dogwifhat (WIF) and Pepe (PEPE) rose by approximately 1.15% and 1% respectively.

The demand for DOGE loses momentum

Currently, DOGE is priced at $0.19 in the media’s latest report. In the last 24 hours, there has been a 10% decrease in trading activity for this coin. According to data from Santiment, the price decrease can be attributed to a lower demand for DOGE during the specified time frame.

The daily count of addresses involved in transactions involving DOGE has plummeted by 61%. 

Based on Santiment’s data, the number of daily active addresses using DOGE and the resulting transactions have dropped significantly by approximately 73% in the last 24 hours.

An assessment of DOGE’s social activity revealed a decline since 7th April. 

In simpler terms, metrics that measure an asset’s social influence, such as the number of interactions, engagements, and reactions like likes, comments, retweets, and upvotes on social media, are valuable indicators of potential price changes.

Based on Santiment’s analysis, the social significance and social activity surrounding DOGE have decreased by approximately 33% and 78%, respectively, over the last two days.

DOGE’s futures market offers no respite

In the coin’s derivatives market, there was a noticeable decrease in sentiment, with trading volume dropping by over 10% according to Coinglass data within the past day.

In the very same timeframe, the open interest for the coin’s future contracts has dropped by 4%, amounting to approximately $1.64 billion at present.

Read Dogecoin’s [DOGE] Price Prediction 2024-25

When the excitement around meme stocks started to wane, DOGE‘s futures market open interest began to decrease and has continued to do so since early April. The open interest for this memecoin’s futures contracts dropped by approximately 26% between the 1st and 9th of April.

A decrease in open interest for an asset indicates reduced trading activity in the futures market. This implies that traders are closing their positions without establishing new ones.

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2024-04-10 08:07