Dogecoin (DOGE) On-Chain Metrics and Price Are Deteriorating, But Bullish Traders Remain Optimistic

Dogecoin's DOGE/USD on-chain metrics and price are deteriorating, but bullish traders remain optimistic about a major move ahead.

Dogecoin's (CRYPTO: DOGE) on-chain metrics and price have been performing poorly, but some traders remain optimistic about a major move ahead as the candle melts lower.

What Happened: Crypto trader Javon Marks, known on Twitter as @Javon_M_, noted that recent price action doesn't change anything in terms of Dogecoin's historical price cycles.

According to Marks, DOGE is still in its third bull cycle and a move above its all-time high of $0.73905 would still be needed. This would indicate a 252% surge from current levels.

Still Same Cycle.

People saying this bull cycle has no more steam.

We in the 3rd bull cycle on Doge and it recently hit its previous ATH at $0.739.

To continue this cycle would require a move above this level.

It would take a 252% from the current price. $doge $dogecoin

— Javon Marks (@Javon_M_) December 27, 2024

Another trader, Tardigrade, known on Twitter as @tr3sgrade, compares DOGE’s price action to the 2017-2018 bull run.

Dogecoin is following the Same Pattern as the 2017-2018 Bull Run

$Doge is ready for the next SURGE

— TARGRADE (@tr3sgrade) December 27, 2024

Crypto chart analyst Ali Martinez highlighted that long-term DOGE holders are "in denial."

Long-term #Dogecoin $DOGE holders are in denial.

The total count of active addresses has dropped by 95% from 2.66 million in November 2024 to just 130,282 today.

Network activity is usually a measure of demand for an asset. Low activity suggests weakness. pic.twitter.com/SlH3qTuMP6

— Ali Martinez (@ali_crypto_az) December 27, 2024

It is possible that they are refusing to accept that the meme coin is performing poorly relative to other assets or that its long-term potential has diminished.

This suggests they are holding onto DOGE in the hopes of a rebound as they disregard any negative news or fundamental concerns.

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