- Dogecoin is stuck in a gloomy, grumpy slump that even a jellybean couldn’t sweeten.
- On-chain activity is sliding downhill faster than Grandpa Joe’s slippers, and the NVT Signal is waving a big red flag.
Imagine Dogecoin [DOGE] tiptoeing back up to the $0.166 mark like a cat trying not to wake the dog. That was April’s thrilling saga — only to be told, “Nope, no entry,” by the merciless gatekeepers of Bull Town on April 13th. 🎢
Our plucky memecoin has been sliding down that slippery slope for months, tumbling like a sack of gummi bears dropped off a roller coaster.
There was a tiny pogo bounce from the long-suffering support at $0.143 — a hopeful eyelash flutter if you will — but the numbers from the blockchain’s crystal ball whispered, “Hold your hats, Dogecoin might be a tad overvalued.”
Why Dogecoin might be shouting “I’m too fancy for my britches!”
The NVTS — which sounds like a secret robot but really stands for Network Value to Transactions Signal — is like a nosy neighbor tracking how much Dogecoin is being passed around over 90 days, rather than day-to-day gossip.
When this cheeky metric climbs, it’s like someone inflating a balloon while trying to convince you it’s just a nice big grapefruit. It means Dogecoin’s price is strutting around as if it’s the cool kid on the blockchain block — despite not actually being used much.
Over the last four years, the price has tiptoed down or strutted sideways while the NVTS barged upward like it owns the place. This spells trouble — investors hate seeing their shiny coins grow lonely and unused. It’s like buying a pogo stick but never bouncing.
At press time, the 180-day MVRV was so negatively glum it probably needs a holiday in the Bahamas. This means holders from the last six months are sitting on losses deeper than a mole’s weekend hideout.
Transaction counts and daily active address numbers? They’ve taken a little snooze too—napping downward over six weeks, showing a drop in Dogecoin’s hustle and bustle.
On April 9 and 15, a few brave tokens woke up and moved around, possibly dancing the “I give up” jig as some holders surrendered to the gloomy spell near Dogecoin’s low points.
So, with NVTS rising like an overcooked soufflé while transfer volume falls flat as a pancake, the memecoin’s future looks about as bright as a candle in a rainstorm. Long-term investors? They’re clutching their hats, bracing for a bumpy, woofy ride as DOGE tries — and struggles — to break free from its stubborn local bull-dozers.
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2025-04-22 03:12