The altcoin market sentiment has been fragile lately. The rally in mid-March brought some coins to new local highs, but they were unable to sustain the move. Dogecoin [DOGE] is one of the many altcoins unable to make new highs. It has been trading within a range since late February.
After the strong downtrend from October, this sideways price trend over the past two months seemed to represent a consolidation phase. That is not to say there won’t be new price lows, however, as this would depend on Bitcoin [BTC] and market conditions.
The new address growth metric uses the growth and contraction in the number of non-zero DOGE wallets to map on-chain growth. A drop in non-zero Dogecoin-holding wallets hinted at a purge of wallets.
The growth tends to increase when…
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Source ambcrypto.com
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