Dogecoin sharply corrected in the last 24 hours of trading, raising questions about the sustainability of the recent rally.
Dogecoin sharply corrected in the last 24 hours of trading confirming that memecoins continue to be a risky proposition in crypto-markets., the original memecoin, sharply corrected in the last 24 hours of trading, raising questions about the sustainability of its latest rally.
Despite the allure of quick gains, the so-called memecoins continue to be a risky proposition in crypto-markets. And no, it’s not just me saying this either! Your school buddy, your boss after that boring meeting, your Facebook penpal, ALL may have warned you about the dangers of owning these “non-serious” digital assets.The dog-themed token started gaining momentum on the 17th of February and sailed 8% to as high as $0.
On-chain activity also saw a marked improvement during the month. Dogecoin processed more than a million transactions every day in the last three weeks, according to on-chain analytics firm IntoTheBlock.AMBCrypto analyzed some other key indicators to gain a broader perspective. Santiment data showed that the daily active address count also surged while DOGE was booming. However, the pull back had a proportional impact on the indicator.The rally also got the whales interested for a while.
Well, that’s not a problem in real sense! It’s more about what happens when the dust settles. DOGE comes down as quickly as it went up.On the other hand, the coin’s lack of meaningful real-world use cases mean there isn’t any other bullish catalyst to fall back to. Quite undesirable for a token which is dubbed as the biggest memecoin.
How DOGE addresses this issue in the medium to long-term would be interesting to watch out for. “Issue” is the operative word here. What if DOGE doesn’t consider this an issue at all .Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.
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