The open interest for Dogecoin futures has dropped by over 67% in the past three months, according to Glassnode data shared by analyst Ali Martinez. This decline in interest is a reflection of reduced optimism about the memecoin. Additionally, Dogecoin network activity has fallen by 95%, with a significant drop in the number of active addresses. Investors are becoming more risk-averse due to uncertainties regarding inflation and trade wars, causing a flight of capital from speculative assets like Dogecoin. Despite this, some analysts are still optimistic about a potential rally for Dogecoin, with one analyst suggesting a price point of $5. Currently, Dogecoin is trading at $0.20.



Other News from Today