- Dogecoin price could plunge in response to the decline in network activity and demand for the meme coin among investors.
- The number of wallet addresses holding Dogecoin recently dropped 14.5% to 3.89 million, indicating reduced demand for the meme coin.
- Analysts believe Dogecoin price could drop to $0.09 in the ongoing price cycle.
Dogecoin price could plummet as the number of investors in the meme coin’s network drops. The meme coin’s price could continue its downtrend, according to analysts at FXStreet.
Dogecoin price at risk of further drop as adoption declines
Based on data from IntoTheBlock, Dogecoin addresses have witnessed a significant decline, dropping nearly 15% from 4.55 million addresses to 3.89 million. The declining addresses indicate a consistent decrease in investors' interest and adoption of the meme coin.
Proponents believe that Shiba Inu and Dogecoin have faced an uphill battle while their prices struggle to recover. The meme coins hit the doghouse, and analysts predict a further drop in the ongoing price cycle.
Dogecoin-killer Shiba Inu and Dogecoin have suffered a double-digit price drop over the past two weeks. The thirteenth largest cryptocurrency by market capitalization is nearly 85% away from its all-time high, and analysts believe there is room for further collapse.
Analysts have evaluated the Dogecoin price trend and presented a bearish outlook. FXStreet analysts argue that Dogecoin price is following the prior falling wedge, considered a bearish indicator for the meme coin.
The decline in Dogecoin price has been extended for the most part, according to analysts at FXStreet. The trend line continues to get tested, and the Dogecoin price bounces off of it. Dogecoin price hit its lowest daily close over the last 300 days on March 13, 2022. Dogecoin price downtrend started in May 2021 and extended over the past nine months.
Analysts believe the Dogecoin price could hit a downside target of $0.09.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?