Is Dogecoin DEAD? Those Numbers and Facts Don’t Lie…
Release: 2023/11/16 08:14 Reading: 499
The price of Dogecoin has experienced a significant increase of approximately 30% over the last month. However, there appears to be a decline in the number of individuals holding DOGE tokens, despite this upward trend in prices. Does this indicate the end of Dogecoin? What has happened to the Dogecoin community?
Dogecoin Price Analysis
According to the most recent update, Dogecoin is currently being traded at approximately $0.076. It has a market capitalization of approximately $10.78 billion, placing it in the 9th position in the cryptocurrency market. In the last month, DOGE has seen a significant increase of approximately 26.25% in its value. This recent surge in value comes after a period of fluctuating performance, with a 22.38% increase over the last 60 days and a slight 0.54% rise in the past week. These numbers indicate a renewed interest in Dogecoin, which could be attributed to various market factors and activities within the community.
Is Dogecoin DEAD? A Few Factors to Consider…
1. Decline in Dogecoin Millionaires
In the past year, there has been a notable decline in the number of individuals who have become millionaires through Dogecoin. As of November 16, the number of addresses holding more than $1 million worth of DOGE has decreased from 1,046 in November 2022 to 633. This decrease is particularly significant among those who hold larger amounts, as the number of individuals with over $10 million in DOGE has dropped from 160 to 88.
2. Price Depreciation and Market Sentiment
This decline in wealthy DOGE holders correlates with a substantial drop in the asset’s value. Dogecoin’s price has fallen by almost 50% from $0.15 in November 2022 to the current price of around $0.08. This bearish trend aligns with a general decrease in interest in meme coins, including others like Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI).
3. Google Trends showing weak interest
According to Google Trends, there has been a noticeable decrease in the number of searches pertaining to Dogecoin. This decline in search activity implies a diminishing interest or conversation among the general public regarding this specific cryptocurrency. In the past, spikes in Google search trends for cryptocurrencies such as Dogecoin have typically aligned with increases in their market worth or media coverage. Nonetheless, the current lack of search interest may indicate a reduced hype or a shift in attention away from meme-inspired digital currencies.
The decline in online searches could suggest a larger pattern in the cryptocurrency industry, indicating that investors and enthusiasts may be shifting their focus towards other digital assets or blockchain technologies that offer more distinct utility or innovative features.
NB: Address Multiplicity and Market Accuracy
It is crucial to keep in mind that one investor can have control over multiple addresses. This factor may lead to inaccuracies in determining the actual number of Dogecoin millionaires, potentially distorting the perceived decline and falsely attributing it to just one person.
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