Dogecoin [DOGE]: Here's how consistent decline in trading volume might affect you
According to Santiment, the leading meme coin Dogecoin [DOGE], has seen a decline in its daily trading volume in the last two years. As of this writing, DOGE’s trading volume in the last 24 hours was $402 million. For context, DOGE’s daily trading volume reached a peak of $42 billion on 29 April 2021, but has since decreased significantly.
When the general cryptocurrency market shaved off over $1 trillion in 2022 and DOGE’s value dropped by 58% within the 12-month period, the count of DOGE holders that held between one and 1,000,000 DOGE tokens fell as well. In 2022, their count declined by over 7%.Further, an analysis of DOGE’s MVRV ratio revealed that the meme-based cryptocurrency was frequently undervalued throughout the previous year.
This data suggested that when investors attempted to sell their DOGE tokens in 2022, with the exception of the period between the end of October and the beginning of November, they incurred losses.
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