Dogecoin has established itself as one of the most talked-about coins in the community today. In fact, even the slightest movements in terms of network statistics, result in DOGE rallying on social volumes. However, this time, it’s different. While DOGE has been on everyone’s feed, nothing seems to be happening. Literally, almost nothing good.
Dogecoin’s dormancy
While Bitcoin and most altcoins have been inching closer to their all-time highs, DOGE is the only one straying farther away from it. At the time of writing, for instance, it was more than 66.72% off its all-time high of 69 cents.
Dogecoin price action | Source: TradingView – AMBCrypto
However, more than the price movement, the profitability of investors has not been shining much either. Since the May crash, the coin’s profitability has remained under 75% for most parts. The same, at press time, was just 66%.
Ergo, the alt’s negligible recovery hasn’t created any room for any growth on the charts either.
Dogecoin profitable addresses | Source: Intotheblock – AMBCrypto
Additionally, because of this month’s weakening price movement, its correlation to Bitcoin has also dropped to monthly lows of 0.66. Certainly, this is not a pretty picture.
However, not all blame should be on the network alone. Investors have a hand in this as well.
Are only a few taking DOGE seriously?
Dogecoin’s total addresses and addresses with a balance ratio continue to grow. At the time of this report, for instance, only 6.5% of all addresses held any DOGE.
This figure suggested that even with 66.19 million addresses, the network’s investor count is merely 4.35 million. These 4.35 million are the only people who take DOGE seriously.
Dogecoin address distribution | Source: Intotheblock – AMBCrypto
In addition to that, this month has mostly seen selling from the investors. Buy and sell differences have been ranging from 1 million to 60 million and even 170 million DOGE at times in favor of selling.
And, to top it all off, long contracts are being constantly liquidated in the millions due to the loss of market confidence.
In fact, even right now, DOGE is seeing 56 million DOGE higher sell demands.
Dogecoin sell contracts | Source: Intotheblock – AMBCrypto
So, if investors want something good out of DOGE, they really need to get a grip and hold their DOGE. Else, this fall will continue.
