DOGE Rush Stalls: New Address Creation Drops by 97% Since November

• Following the incredible DOGE rush of the last 4 months, plans for continued Dogecoin growth have halted
• Dogecoin is currently trading at $0.2054, down 3.37% over the last 24 hours, with a 38% drop over the past 30 days
• Dogecoin network activity dropped by 97.6% over the last 4 months, signaling a significant decrease in user engagement

Following the incredible DOGE rush of the last 4 months, plans of a continuing forward movement for Dogecoin have come to a halt. 

According to CoinMarketCap, $DOGE is currently trading at $0.2054, down 3.37% over the last 24 hours. The larger picture doesn’t look more optimistic for holders as the currency is down by 19.22% over the week, adding to 38% losses during the past 30 days. 

Dogecoin lost the key support zone of thirty cents on February 2nd, and since then, buyers have been unable to recover that margin. While the asset still hasn’t erased all profits seen since the U.S. election, $DOGE is currently trading at its lowest point since November 9.

Dogecoin Activity Down 97.6% Since November

A report by well-known social media analyst Ali Martinez has shed a worrisome light on the state of the Dogecoin market. According to the post, the Docecoin network activity has dropped significantly over the last 4 months.

In November, the Dogecoin network saw a staggering 1.29 million new addresses created. However, since then the number has dropped considerably. As of February 26, only 30,815 new addresses have been added.

To put it in numbers, Dogecoin network activity dropped by 97.6% over the last 4 months, signaling a significant decrease in user engagement during that timeframe. 

Amidst this potentially bearish market, investors may look for better risk management strategies to make the most out of the situation. And if you're looking for a place to trade, do us a solid and check out our partner Weex!

The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more