The Memecoin, Dogecoin surpasses more than 4.4 million addresses. But, the investors are still in the fear zone as the scores are around 34. The situation is such that, though the wallets are increasing, there is a prevailing red zone sentiment. Visit Home Page if you’re thinking about investing in cryptocurrencies, you’re not alone.
Even after more acceptance, the sentiment is towards the negative side. Dogecoin is a very famous meme coin in the Crypto industry. Also, in terms of market cap, it is in the tenth position. Despite this, the sentiment of users around the globe is turning to a negative note for this coin.
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The Condition Of Dogecoin At Present
The development of this coin was a mere joke and far away from something serious. After its release in the Cryptocurrency market, it gained much popularity.
Also, when Elon Musk tweeted about the coin, its popularity reached its peak. It kept on growing and there was no looking back. But, in current times, it is going through a rough phase. Its score in the FGI is 34, which indicates fear.
The dominant coin of the Crypto industry, Bitcoin, is going through a similar situation. Bitcoin has been experiencing a similar fear situation for the past few weeks. It is still floating in this situation. Its FGI score is 20, which indicates extreme fear as well!
Decline In The Active Wallets
Apart from the growth in wallet addresses, there is a sharp fall in active wallets. It is a matter of concern because the active wallets of this Crypto are declining over time. These are whether active or not, is a big question.
Various reports are being collected on this aspect. As per some statistics, though the number of wallets is increasing, the number of active wallets is falling. The active wallet addresses seem to be disappearing every day. At present, there are around 43,000 active wallets.
This figure is around 60% lower than the number of wallets available in Mid-August. During that time, the total amount of active wallets was more than 110,000. The price of Dogecoin has also changed to a huge extent. In Mid-August, the rate of this coin was around 0.086 USD and at its highest. But, at present, it is at the lowest price of 0.060 USD.
Despite these facts, the coin is still in the tenth position in the Crypto industry. With a total of 8 Billion USD market cap, it is maintaining its position. But, this does not make any difference that the condition of Dogecoin is falling day by day.
Elon Musk Extends Support
Some interesting facts are arising from the prime supporters of Dogecoin. Elon Musk has been its influencer. And the majority of its popularity is because of Elon Musk.
After Musk shared his tweet on Dogecoin, the trades went up by 380% in a single day! Also, the coin went viral due to his tweet. On this same day, he announced the plan of buying Twitter for 43 Billion USD. Also, he announced that he will sell around 75% of BTC. But, at the same time, the company will not sell even a single DOGE.
This single move of Musk seems to be the prime force behind the growth of Dogecoin. With this, he became the major influencer of this Crypto. And, the coin went viral in the market after this.
But, a lawsuit of 258 Billion USD was filed against Elon by K. Johnson. In the latest update, we can see signatures from different individuals as well. Also, an expert is hired to explain everything. And the fact that Dogecoin can be another pyramid scheme is shown.
The condition of Dogecoin is deteriorating at present. Though the number of these Crypto wallets is crossing over 4.4 million, it does not mean a positive sign. In reality, active wallets are vanishing every day. This shows that in actuality, the number of true users of Dogecoin is decreasing despite the increasing quantity.