What’s happening with DOGE in 2023 🐶
Dogecoin shone brightly during the recent bull market, but what’s been going on with it in 2023?
Let’s explore the key events, on-chain data and what to keep an eye on (it’s pretty obvious) if you’re thinking about trading DOGE.
Key Events in 2023 📆
🔹 April 3: Dogecoin skyrockets 25% after Twitter swaps bird logo with DOGE.
🔹 May 10: Dogecoin launched its own version of Bitcoin Ordinals, called “Doginals”.
🔹 July 24: Twitter’s rebranding announcement and Musk updating his profile header with the DOGE ticker symbol.
On-chain Analysis 🔗
🔸 Approximately 60% of Dogecoin addresses currently show losses.
🔸 The total number of transactions surged by 124% in September compared to January. This increase occurred because “Doginals” were added.
🔸 The number of active addresses has decreased by 18.5% since the beginning of the year, dropping from 55 to 45k per day (average values).
🔸 Google Search Trends fell from 30 to 11 over the same period, although it showed a significant increase during the events mentioned in the previous slide.
Conclusion 😯
Dogecoin’s price continues to be driven more by hype and mentions from Elon Musk than by fundamental factors. Even technical updates don’t seem to lead to substantial growth.
At the same time, just a single hint from Musk can boost the price by tens of percent, even in the midst of Crypto Winter. To capitalise on these movements, you must stay updated with the news and react more faster than other participants.
