{"id":371231,"date":"2024-02-21T08:00:19","date_gmt":"2024-02-21T02:30:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=371231"},"modified":"2024-02-20T19:22:54","modified_gmt":"2024-02-20T13:52:54","slug":"will-you-still-trust-doge-after-reading-this","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-you-still-trust-doge-after-reading-this\/","title":{"rendered":"Will you still trust DOGE after reading this?"},"content":{"rendered":"<ul>\n<li><em>DOGE accumulated gains of 8% MTD.<\/em><\/li>\n<li><em>Whale transactions spiked to a two-month high recently.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/predictions\/dogecoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Dogecoin [DOGE]<\/a>, the original memecoin, sharply corrected in the last 24 hours of trading, raising questions about the sustainability of its latest rally.<\/p>\n<p>Despite the allure of quick gains, the so-called memecoins continue to be a risky proposition in crypto-markets. And no, it&#8217;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 &#8220;non-serious&#8221; digital assets.<\/p>\n<h4><strong>Testing the patience, eh<\/strong><\/h4>\n<p>The dog-themed token started gaining momentum on the 17th of February and sailed 8% to as high as $0.090 on the 2oth of February at 12:45 am UTC, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/dogecoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>.<\/p>\n<figure id=\"attachment_371251\" aria-describedby=\"caption-attachment-371251\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart.jpeg\"><img decoding=\"async\" class=\"wp-image-371251 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart.jpeg\" alt=\"Dpgecoin price chart\" width=\"1200\" height=\"800\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart.jpeg 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart-300x200.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart-1024x683.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-price-chart-768x512.jpeg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-371251\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p>This was enough to light up the eyes of diamond hands. As they decided to profit-take, the curve started to bend. At the time of writing, DOGE was trading at $0.086, erasing a big portion of gains made during the uptick.<\/p>\n<h4><strong>Network fundamentals a silver lining<\/strong><\/h4>\n<p>However, to cut Elon Musk&#8217;s darling some slack, DOGE has actually performed better since February began. On a month-to-date (MTD) basis, DOGE accumulated gains of 8%.<\/p>\n<p>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.<\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions.jpg\"><img decoding=\"async\" class=\"aligncenter wp-image-371262 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions.jpg\" alt=\"Transactions on Dogecoin rose in February\" width=\"1364\" height=\"605\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions.jpg 1364w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions-300x133.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions-1024x454.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-transactions-768x341.jpg 768w\" sizes=\"(max-width: 1364px) 100vw, 1364px\" \/><\/a><\/p>\n<p>Source: IntoTheBlock<\/p>\n<p>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.<\/p>\n<figure id=\"attachment_371274\" aria-describedby=\"caption-attachment-371274\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest.png\"><img decoding=\"async\" class=\"wp-image-371274 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest.png\" alt=\"Dogecoin whale interest\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/dogecoin-whale-interest-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-371274\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The rally also got the whales interested for a while. Transactions worth more than $100K spiked to a two-month high before the price dip brought about a reversal.<\/p>\n<h4><strong>Musk-eteer?<\/strong><\/h4>\n<p>One of the biggest pain points for DOGE in recent months, at least what we at AMBCrypto have <a href=\"http:\/\/ambcrypto.com\/why-dogecoin-needs-to-come-out-of-elon-musks-shadows-in-2024\/\" target=\"_blank\" rel=\"noopener\">observed<\/a>, has been the over-reliance on its biggest &#8220;fanboy&#8221; Elon Musk.<\/p>\n<p>It&#8217;s a given that Dogecoin would invariably react positively to payments-related developments at any of Elon Musk-owned companies.<\/p>\n<p>Well, that&#8217;s not a problem in real sense! It&#8217;s more about what happens when the dust settles. DOGE comes down as quickly as it went up.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">DOGE\u2019s market cap in BTC terms<\/a><\/p>\n<hr \/>\n<p>On the other hand, the coin&#8217;s lack of meaningful real-world use cases mean there isn&#8217;t any other bullish catalyst to fall back to. Quite undesirable for a token which is dubbed as the biggest memecoin.<\/p>\n<p>How DOGE addresses this issue in the medium to long-term would be interesting to watch out for. &#8220;Issue&#8221; is the operative word here. What if DOGE doesn&#8217;t consider this an issue at all (crying in the corner).<\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin.webp\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-371281\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin-1024x572.webp\" alt=\"Elon Musk Dogecoin meme\" width=\"740\" height=\"413\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin-1024x572.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin-300x168.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin-768x429.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/musk-dogecoin.webp 1360w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin sharply corrected in the last 24 hours of trading confirming that memecoins continue to be a risky proposition in crypto-markets.<\/p>\n","protected":false},"author":80,"featured_media":371240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6387,5824,66,3,4,20],"tags":[],"class_list":["post-371231","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-dogecoin-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will you still trust DOGE after reading this? 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