Since last week, Dogecoin has been in the red since the Solana chain bust, alongside several other meme coins. Despite an attempt by buyers to flip the narrative
Dogecoin has been performing poorly since last week. Though buyers attempted a comeback with a mid-week bounce, they were quickly overwhelmed by sellers.
One source of bearish sentiment was the Solana chain bust, which also brought down several meme coins.
Dogecoin price fell further on Wednesday after a massive whale selloff.
Dogecoin price fell by 11.20% in the past 24 hours. It reached a low of $0.1834 on Thursday morning. Bears remain in complete control.
Moreover, there has been a 95% decline in network activity over the past year.
On-chain data indicates that active addresses dropped from 2.66 million in November to just a fraction of a million today.
However, a key market indicator suggests that all hope may not be lost. Popular crypto analyst Ali Martinez recently noted that long-term DOGE holders remain in denial.
This data indicated that despite market fluctuations and price volatility, Dogecoin long-term holders have no doubts about the project’s long-term prospects. This factor alone could be lending strength to analysts making an ambitious bet on a 180% spike in Doge price prediction next month.
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