Dogecoin Experiences 95% Decline in Network Activity

Dogecoin Faces Decline in Network Activity and Price

Dogecoin is experiencing significant challenges due to a 95% drop in active network addresses, indicating reduced user engagement. Key points include:

Active addresses fell from 2.66 million in November 2024 to 130,282.
New active addresses peaked at 2.4 million before declining sharply.
Price has decreased to $0.2077, down from $0.4868 earlier.
Only 30,815 new addresses were noted on February 23, reflecting a continued decline.

Investor sentiment shows:

2.67% decrease in long-term Dogecoin holders.
11.81% drop in mid-term coin holders exiting positions.
107.45% increase in short-term holders indicates a shift towards speculative trading.

Despite these challenges, some analysts predict potential price rebounds, suggesting targets of $0.75, $1.5, and $5 for Dogecoin.