- DOGE’s value has fallen by almost 5% in the past 24 hours.
- Trading activity in the derivatives and spot markets has shrunk.
Dogecoins [DOGE] The price, at the time of writing, is down almost 5% in the past 24 hours, while the prices of other leading meme assets have posted small gains.
According to CoinMarketCap, the prices of memecoins, such as dogwifhat, have increased during that period [WIF] and Pepe [PEPE]have increased by 1.15% and 1% respectively.
DOGE demand is losing momentum
At the time of writing, DOGE was trading at $0.19. The coin’s trading volume has fallen by 10% in the last 24 hours. On-chain data retrieved from Santiment it turned out that the price drop was caused by a drop in demand for the altcoin during the reporting period.
The daily number of addresses involved in transactions involving DOGE has fallen by 61%.
Due to the decrease in DOGE’s daily active addresses over the past 24 hours, the number of completed transactions involving the altcoin within that period has also decreased. According to Santiment data, it has fallen by 73%.
Source: Santiment
A review of DOGE’s social activity showed a decline since April 7.
The social dominance and social volume metrics, which track an asset’s individual interactions, socially driven engagement and actions such as likes, comments, retweets and upvotes, are important because they are precursors to the growth of an asset’s price or otherwise.
According to Santiment, DOGE’s social dominance and social volume have fallen by 33% and 78% over the past two days.
The DOGE futures market offers no respite
Bad feelings were also observed in the currency’s derivatives market Mint glass Data shows that trading volume has fallen by double digits over the past 24 hours.
Over the same period, the currency’s open interest on futures fell by 4%. At the time of writing this was $1.64 billion.
Read Dogecoins [DOGE] Price forecast 2024-25
As the meme market hype subsided, DOGE futures open interest began a decline and has been on a downward trend since early April. Between April 1 and April 9, futures interest on the memecoin fell by 26%.
When an asset’s open interest decreases in this way, it indicates a decline in market activity. It suggests that participants in the futures markets are exiting their positions without opening new ones.