It’s been a while since the market heard the bark of DOGE. It is noteworthy that the value of the meme coin rose to $ 0.34 in the past week. It couldn’t hold the above levels for long, however, and was back at $ 0.32 at the time of writing.
Time to sell?
At the time of going to press, more than 80% of the DOGE addresses were profitable. The following graphic clearly shows that the increase in the number of profitable addresses was always followed by a decrease. Hence, it can be said that DOGE HODLers tend to cash out when they are in the money.
Money in / out || Source: IntoTheBlock
IntoTheBlock’s “Trades Per Page” metric further showed the large difference in the difference between buyer and seller. For example, in the past 6 hours, sell trades overshadowed buy trades by more than 60 million DOGE tokens. Should the selling pressure increase further in the coming meeting, the old price could not hold its current price level for long.
What are those involved up to?
Therefore, DOGE tokens are not distributed evenly among market participants. Whales hold more than 44% of total circulating supply, while the remaining 56% is shared between retail participants and investors.
In particular, the large transaction volume fell sharply from 38.76 billion DOGE to just 12.84 billion DOGE within just two weeks. As is well known, large transactions are usually carried out by whales, and their current not-so-active state is another big reason why DOGE’s price has not seen a move north recently.
Large transaction volume || Source: IntoTheBlock
No hope at all?
Up until a week ago, DOGE’s development work ran at a good pace. However, their condition has now deteriorated. In fact, the number of open issues on Github went from 227 to 198 in just two days. Issues as such help developers keep track of their work on Github, and a decrease in this number essentially indicates the decline in development progress.
Open issues on Github || Source: IntoTheBlock
The current state of most of the above metrics remains quite unattractive. Therefore, traders should not expect drastic price fluctuations in the upcoming trading sessions. All in all, according to the pseudonymous trader Kaleo, it is not the right time to sleep on DOGE. Maybe the timing will never be right!
