2024

Dogecoin

Chainlink

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Dogecoin (DOGE) is buckling under its own weight, with a series of metrics sliding backward for the cryptocurrency over the past week. At the time of writing, Dogecoin’s price has&nbsp;<a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">slipped</a> 3.14% to $0.07998, with the price touching a low of $0.07964 overnight.
The current price of Dogecoin has forced Chainlink (LINK) to boot the coin out of the top 10 list of cryptocurrencies by market cap, a demotion that has not happened to the dog-themed meme coin in more than a year.
This slump in the rankings is not the worst for Dogecoin, as on-chain data, as shared by top market analyst Ali Martinez,&nbsp;<a href="https://twitter.com/ali_charts/status/1756960045944688989?s=20" rel="noopener noreferrer nofollow">shows</a> a reduction in the total transaction volume. While this is a source of concern, Martinez also highlighted how whale volume is declining, underscoring the slow pace of adoption of the coin overall.
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 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a>, possibly due to reduced interest or confidence in it! <a href="https://t.co/SiKNxx4FhN" rel="noopener noreferrer nofollow">pic.twitter.com/SiKNxx4FhN</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1756960045944688989?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 12, 2024</a>
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Over the past few years, Dogecoin has seen limited volatility in its price action, with visible ticks generally in favor of market bears. Dogecoin has unique strength, based on the&nbsp;<a href="https://u.today/dogecoin-doge-whale-transfers-3329-million-doge-to-binance-details" rel="noopener noreferrer nofollow">actions of its whales</a>, which might spell worse results for the coin moving forward.
<h2 id="potential-dogecoin-turnaround">Potential Dogecoin turnaround</h2>
Dogecoin is seeing an unimpressive trend overall, and this might be the result of a lack of attractive growth trends in the protocol overall. With no innovations, investors are poised to become tired of speculations, and this might be the current bane of the coin at the moment.
Flipping one another is a key trend in the Web3 ecosystem, and displaced tokens typically restrategize to reboot their growth fundamentals. For now, the only visible Dogecoin ecosystem activity is the forthcoming&nbsp;<a href="https://u.today/dogecoin-to-moon-635-million-doge-change-hands-ahead-of-doge-1-mission" rel="noopener noreferrer nofollow">Doge-1 space mission</a>, which notably will not impact the ecosystem much beyond the hype.
Unless a drastic revamp is conducted by DOGE developers, other&nbsp;<a href="https://u.today/shiba-inu-shib-dogecoin-doge-surpassed-by-floki-by-trading-volume-potential-reasons" rel="noopener noreferrer nofollow">rival meme coins</a> may lead in adoption over time.

Serious Dogecoin (DOGE) Problem Spotted On-Chain

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