Despite an increase in active wallets in the last month, the low transactions count resulted in a stagnation in DOGE's value.
Typically, a surge in an asset’s network activity often acts as a precursor to a price rally, indicating increased interest in that asset. However, DOGE’s failure to log a price growth despite the jump in daily active address count might be due to its statistically positive correlation with leading coinAmid severe price volatility in the past few days, BTC’s price fell by 12% in the last month. Likewise, the alt’s value almost declined by almost 10% during the same period.
The volume of Dogecoin transactions valued between $100,000 and $1 million decreased by 21% in the last month, and the volume of transactions valued between $1 million and $10 million fell by 46%. For DOGE transactions above $10 million, this completely decimated and fell by 100%, data from IntoTheBlock revealed.
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