Futures traders show a strong short-term bullish sentiment towards Dogecoin (Doge), particularly on Binance, where long positions frequently exceed shorts. On April 5, long positions reached 73.33%, and earlier on April 3, they were as high as 80.23%. Despite this optimism among traders, there are signs of instability in the market. Notably, Dogecoin’s price has declined nearly 32% from February to April, dropping from $0.248 to $0.169, with trading volume collapsing by 95%. Whale activity has also significantly decreased, indicating that institutional interest may be waning. Concurrently, the Daily Active Address (DAA) metric has fallen by 22%, suggesting weakening network health, despite the initial bullish sentiment from futures traders. This divergence highlights a contrast between speculative trading activity and broader market hesitance, pointing to a cautious long-term outlook for Dogecoin amidst ongoing price declines and reduced stakeholder participation.
Source link
