Recently, IntoTheBock reported a significant drop in Dogecoin’s 7-day average for daily transactions, which now stands at 37.3k. It is a sharp decline from its June high of over 2.1 million transactions and a secondary spike of 616k in July. Dogecoin enthusiasts and investors are now left wondering if there will be another surge in DOGE activity in the near future.
Dogecoin (DOGE) has undoubtedly been one of the hardest-hit cryptocurrencies during the latest bearish market downturn. Despite ongoing efforts at recovery, the price of Dogecoin currently lingers at $0.05832. It has experienced a 1.20% drop in the past 24 hours and a 4.59% decrease over the last seven days.
Market observers note that there appears to be a delicate balance between bullish and bearish sentiments as the sell-off gradually gives way to optimism. As per CoinMarketCap, the trading volume is down by 4.98%, with a total of just $128.33 million.
Despite the uncertainty in the broader cryptocurrency market, DOGE has managed to maintain its position above the critical $0.055 support level. This support has served as a sturdy foundation for the coin since June 2022.
The persistent bearish trend that the meme coin has faced in 2023 has been concerning for many. In just five months into the year, DOGE prices reached a new 52-week low of $0.0585. This extended bearish phase has cast doubt on earlier optimistic price predictions, hinting at a delayed bull run.
Dogecoin Price Predictions & Short-Term Optimism
According to PricePredictions, based on their technical analysis, they anticipate a further decrease in the coin’s price, with a projection of $0.05737 by 19th October 2023. However, in the short term, a machine learning algorithm suggests that DOGE is currently experiencing a bullish trend, offering investors the hope of a slight price increase in the coming hours.
Amid these market fluctuations, the Dogecoin team has taken to social media to emphasize the importance of self-custody. They advise users to store their crypto assets in their own wallets, unconnected to exchanges or third-party platforms.
This move is seen as a response to concerns about shady practices by central exchanges and decentralized swap setups that may expose users to questionable activities. The message is clear: Not Your Keys, Not Your Coins. Dogecoin stands for fun, community, and access; holders must keep custody of their assets.
Users can consider wallets such as Dogecoin Core, MyDoge, Coinbase Wallet, and Trezor to maintain custody of their Dogecoin. It’s essential to back up your keys and phrases and ensure encryption.
For those looking to trade on decentralized exchanges (DEXes), options like SuchDEX and dYdX are available, but it’s advisable only to wrap what’s necessary and remember that exchanges of any kind are not wallets.
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