Coinspeaker
Feb 24, 2025

Dogecoin Price Drops 7% as Network Activity Reaches Four-Month Low

1 min

Dogecoin's price has dropped 7% to $0.2301, indicating weak bullish momentum. On-chain metrics show a significant decline in network activity.

DOGE Network Activity Decline

  • Network activity has reached its lowest level since October 2024.
  • Only 66 whale transactions recorded and fewer than 60,000 daily active addresses.
  • Concerns raised over waning interest in the Dogecoin ecosystem.

Current price levels have not been seen since November 2024. DOGE futures open interest decreased by 3.9% to $2.15 billion, with 24-hour liquidations at $9.23 million, primarily long positions. Daily trading volume increased by 60% to over $1.23 billion.

Future Price Predictions

  • As long as DOGE remains above $0.19, analysts suggest it could rise to $4.
  • Completion of the fourth falling wedge pattern may indicate a bullish breakout.
  • Previous falling wedges resulted in significant gains: 88%, 208%, and 445% increases.

Speculation around a potential Dogecoin exchange-traded fund (ETF) is growing as the SEC reviews multiple applications from Grayscale Investments, CoinShares, and WisdomTree.