- Dogecoin price managed to prevent excessive drawdown like Bitcoin on May 1, declining by less than 1%.
- DOGE currently has a correlation of 0.3 to Bitcoin, which proved to be advantageous when BTC fell to $28,000 yesterday.
- PEPE taking away all the meme coin attention is contributing to Dogecoin’s disappearing investor count.
Dogecoin price has always been a leader in the meme coin space, but the emergence of PEPE challenged the supremacy of the cryptocurrency. The “OG” meme coin continues to fail to breach an important resistance level, but the altcoin might have found its way around the bearishness surrounding it.
Dogecoin price volatility simmers down
Dogecoin price over the last week has had a rather less volatile, sideways movement in comparison to Bitcoin price’s rise to $30,000 and the subsequent decline. The latter noted another 4% crash on May 1, while DOGE stood virtually unchanged at $0.0789.
Given that the altcoins currently lack the strength to mark an alt season, all the cryptocurrencies are bound to follow Bitcon’s lead. However, DOGE is one of the altcoins refraining from doing so, given its correlation to the asset stands at a low of 0.3. This is the same reason why the meme coin did not observe much decline over the last 24 hours, even as BTC slipped to $28,000.
Dogecoin correlation to Bitcoin
Read more - MicroStrategy outperforms Apple, Google and Bitcoin price despite BTC dip to $28,000
But beyond a low correlation, Dogecoin needs the support of its investors, that have been disappearing over the last ten days. The addresses conducting transactions on the network declined from an average of 142,000 throughout April to 112,000 for the last couple of days.
Dogecoin active addresses
One of the potential reasons behind this is the absurdly successful meme coin, PEPE, which boasts a market cap of $481 million that it gained over the last two weeks. The hype surrounding the joke coin has been such that the 24-hour trading volume of PEPE surpassed that of Dogecoin.
While DOGE noted a total of transactions worth $321 million conducted in the last day, PEPE traders and holders moved around $521 million worth of supply in the same duration. The trading volume of PEPE even exceeded the total diluted market cap, which speaks volumes to the sensibility and loyalty of meme coin holders.
Dogecoin vs. PEPE 24-hour trading volume
Regardless, DOGE might have a shot upon the PEPE hype easing; until then, not following Bitcoin is likely the best option for the cryptocurrency.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
![Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/ripple_XtraSmall.jpg)
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
![Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
![Solana could cross $200 if these three conditions are met](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/solana_XtraSmall.jpg)
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
![ALT, WLD, ENA, ID set for $200 million token unlocks next week](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
![Bitcoin: Will BTC continue its bullish momentum?](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Bitcoin/bitcoin_XtraSmall.jpg)
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.