Dogecoin Price Dips 18%, But On-Chain Data Signals Bullish Trend

Dogecoin Price Dips Amidst Bullish On-Chain Signals

Dogecoin's (DOGE) price has experienced an 18% decline since reaching its recent peak on Saturday. However, on-chain data provided by Santiment reveals a positive trend for the meme currency.

High Network and Whale Activity

Santiment has observed a seven-month high in network activity and a four-month high in whale transactions. This suggests a strong potential for further price appreciation. Despite the recent downturn, retail investors remain optimistic about DOGE, contributing to its price gains.

Market Performance

According to CoinMarketCap, Dogecoin has increased by 14.52% over the last 30 days and a modest 0.5% over the last week. However, in the past 24 hours, DOGE has dipped by 8.14%, currently trading at $0.1091. It ranks 8th in the market with a market capitalization of $15.9 billion.

Price Trajectory

The Dogecoin price action has recently entered a lower zone, indicating a potential reversal. However, the bullish on-chain signals suggest that the market may regain its upward momentum soon.