![Why Ethereum [ETH] address outflows may be headed for DeFi](https://cryptonoiz.com/wp-content/uploads/2023/03/AMBCrypto_An_image_of_a_stylized_Ethereum_logo_with_arrows_poin_22f2aeff-c7bb-4c7d-aec7-547a37a35e82-1-1000x600-360x180.jpg){kind=logo}
![Can DogeCoin [DOGE]’s surge in network activity mean something for its price](https://cryptonoiz.com/wp-content/uploads/2022/07/kanchanara-xWsEEkFtbU4-unsplash-1-1000x600.jpg)
Within the final two months, the favored meme coin, Dogecoin [DOGE], logged a 256% uptick within the variety of distinctive addresses that traded the Elon-backed coin day by day, as per newest knowledge.
#Dogecoin worth dropped ~15% within the final 2 months, from $0.082 to $0.068. In the meantime, the # of recent day by day $DOGE addresses surged by 265%, from 14.47K to 38.43K new addresses per day.
The rising community progress is a constructive signal, which may quickly be mirrored in #DOGE worth. pic.twitter.com/8gwceJVARw
— Ali Martinez (@ali_charts) July 29, 2022
The uptick represented a rally from 14,000 addresses to 38,000 new addresses per day throughout the two-month interval underneath evaluate. Nonetheless, the expansion in day by day lively addresses for the DOGE was registered regardless of a continued decline in worth. How has this coin fared within the final two months?
A small worth to pay?
Within the two-month window underneath evaluate, the worth of the meme coin dropped by 19%. On 30 Might, the worth per DOGE coin stood at $0.08. Because the bears rummaged by way of the cryptocurrency market, the worth of the coin declined steadily to be pegged at $0.07 on the time of writing. With a bullish retracement underway available in the market for the reason that starting of July, the coin has seen a 16% progress in worth within the final 29 days.
The coin’s buying and selling quantity dropped within the 60-day interval underneath evaluate. Inside that point, DOGE logged an 8% lower in its buying and selling quantity. This stood at 618.43 million at press time, with an 18.54% decline within the final 24 hours.
Additional, at $9.32 billion and at the moment ranked quantity ten on CoinMarketCap’s rating of crypto property with the biggest market capitalization, DOGE’s market capitalization declined by 25%. Two months in the past, the meme coin’s market capitalization was $11.65 billion.
Supply: Santiment
On a 24-hour chart, the meme coin posted a 0.12% progress in worth. Curiously, the coin has seen an uptick in shopping for stress within the final two days. Noticed in an uptrend, the coin’s Relative Energy Index (RSI) was 55.92 at press time. Equally, headed to the overbought place, the coin’s Cash Circulate Index (MFI) was pegged at 70.51 on the time of writing.
Supply: TradingView
On-chain efficiency
Regardless of the spectacular progress within the day by day lively addresses that transacted DOGE within the two-month interval underneath evaluate, knowledge from Santiment revealed a major decline within the mixture quantity of DOGE tokens throughout all of the transactions accomplished inside that interval. At 255.77 million at press time, this metric dropped by over 200% within the final 60 days. Represented in USD, this declined from $81.1 million to $14.29 million.
Supply: Santiment
Previously two months, the coin’s social dominance rose to a excessive of 12.88% on 16 June. At 3.24% at press time, this metric logged a 74% decline since 16 June. The coin’s social quantity additionally marked a excessive of 8561 on 19 June. Pegged at 617 on the time of writing, the coin’s social quantity dropped by 92%.
On a developmental entrance, the coin logged some respite. This grew by 152% within the interval underneath evaluate.
Supply: Santiment
