In keeping with CoinMarketCap, Dogecoin [DOGE] is now the second largest cryptocurrency on the POW community after Bitcoin [BTC]. This growth happened after the transition of Ethereum [ETH] to a proof-of-stake consensus mechanism.
With a market capitalization of $7.94 billion, DOGE was positioned forward of Ethereum Basic [ETC] with a market capitalization of $4.72 billion. Moreover, Litecoin [LTC] had a market capitalization of $3.95 billion and Monero [XMR] stood with a market capitalization of $2.65 billion.
Meme cash within the post-Merge period
Whereas some property logged momentary good points sequel to the merge of the Ethereum mainnet (LDO and ETC), main meme cash did not register any important optimistic worth response.
In keeping with information from CoinMarketCap, Shiba Inu [SHIB] disregarded the hype that surrounded the Merge. Moreover, the memecoin continued with its month-long worth decline. As of this writing, SHIB exchanged fingers at $0.00001171, having declined by 37% within the final 30 days.
Supply: CoinMarketCap
Alternatively, the value of DOGE rallied by 2% moments after the Merge, information from CoinMarketCap confirmed. Nonetheless, with its worth pegged at $0.05933 at press time, the main meme coin had misplaced all of its post-Merge good points.
All smoke and no fireplace?
DOGE had seen a 2% decline in its worth within the final 24 hours. Throughout the similar interval, the asset’s buying and selling quantity dropped by 23%. Actually, since 17 August, as the value of the meme coin fell, its each day buying and selling quantity adopted swimsuit.
DOGE’s each day buying and selling quantity has declined by over 85% since then, information from Santiment confirmed. The asset’s worth additionally dropped by 35% throughout the similar interval.
Supply: Santiment
With a constant decline within the worth of DOGE within the final month, distinctive addresses that traded the meme asset toed an analogous path of decline. Over the 30-day interval, each day energetic addresses that traded DOGE fell by over 300%. At press time, each day energetic addresses on the community stood at 28,500.
Throughout the similar interval, the rely for DOGE whale transactions additionally fell. In keeping with information from Santiment, the each day rely for whale transactions that exceeded $100,000 fell by 91%. As well as, the each day rely for whale transactions above $1 million additionally dropped by 91% within the final 30 days.
Supply: Santiment
The DOGE community has been marked by stagnancy within the final month. The asset’s age consumed has fallen persistently over the 30-day interval. This indicated that not many DOGE cash modified addresses.
Moreover, its imply greenback invested age continued to rise, hinting at development in coin dormancy on the community. With no change within the actions of those key metrics, the longer the community stagnancy continues, the tougher it is going to be for the value of DOGE to rise.
Supply: Santiment
