<h2>Dogecoin's Price Movement</h2>
Dogecoin (DOGE) witnessed a nearly 5% decline in its price over the last 24 hours, contrasting with minor gains seen in other leading meme assets. While <a href="https://www.cryptoknowmics.com/news/dogwifhat-wif-investor-turns-1749-into-10-9-million-amid-meme-coin-craze/" target="_blank" rel="noopener">dogwifhat</a> (WIF) and Pepe (PEPE) recorded slight increases, DOGE traded at $0.19, with a 10% decrease in trading volume during the same period.
<h2>On-Chain Activity Decline</h2>
On-chain data from <a href="https://app.santiment.net/charts/m8sOR_Y4__sCl" target="_blank" rel="noopener">Santiment</a> revealed a significant drop in demand for DOGE, with a 61% decrease in the daily count of addresses involved in transactions. This decline in activity also impacted the number of completed transactions, falling by 73% in the past 24 hours.
<h2>Social Activity Metrics</h2>
Assessing DOGE's social activity since April 7th, Santiment highlighted a decline in social dominance and social volume by 33% and 78%, respectively, over the past two days. These metrics, indicative of social interactions surrounding an asset, have implications for its price dynamics.
<h2>Futures Market Sentiment</h2>
In the derivatives market, Dogecoin's poor sentiment persisted, as Coinglass data indicated a double-digit decline in trading volume. Additionally, the coin's futures open interest dropped by 4% to $1.64 billion, marking a 26% decrease since the beginning of April.
<h2>Implications of Open Interest Decline</h2>
A declining futures open interest signals reduced market activity, suggesting that participants are exiting positions without initiating new ones. This trend aligns with the broader meme market hype decline observed in recent weeks, reflecting shifting sentiment among investors.

<em><strong>Disclaimer:</strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin (DOGE) Price Dips by 5% as Meme Market Shows Mixed Signals

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Dogecoin (DOGE) Price Dips by 5% as Meme Market Shows Mixed Signals

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