• Despite registering a 13% hike, Dogecoin’s (DOGE) holder count hovered around 4.89 million for months.
• DOGE’s weighted sentiment increased as circulation dropped, showing the average acumen linked to the cryptocurrency was tilting toward optimism.
• However, Dogecoin’s social volume has been extremely low since 9 June and its development activity significantly decreased.
Dogecoin’s Soaring Numbers Hit a Snag
Dogecoin (DOGE), despite registering a 13% hike in the last 30 days, has not done enough to reignite broader interest and its holder count has remained around 4.89 million since 27 May. The coin also experienced an increase between January and a few weeks into May which saw new addresses join the DOGE clan with the aim of benefiting from its long-term price action.
Weighted Sentiment Increases As Circulation Drops
Despite the hold-up in holder count, DOGE’s weighted sentiment was -0.645 at press time which showed that defeatist perception at one point was tilting toward optimism. However, Dogecoin’s social volume did not follow suit as it aligned more with the stuck number of holders and has been extremely low since 9 June. This means that hype around DOGE has been reduced and could suggest that the coin is undervalued and far from its top potential price levels compared to other cryptocurrencies on the market.
Development Activity Decreases
On-chain data also revealed that Dogecoin’s development activity had significantly decreased to 0.048 at press time which meant public commits to the blockchain have been minimal over recent times. This could be due to little support or interest from developers wanting to work on DOGE projects or optimize existing ones for better performance on the blockchain network itself or other external applications related to it such as wallets or exchanges etc..
Overall, despite its initial growth earlier this year, Dogecoin appears to have lost some steam in terms of investor interest as well as development activity which could be impacting its overall market value right now compared to other coins out there available for trading today on various exchanges globally .