Binance Futures data indicates a significant number of Dogecoin (DOGE) long positions, with long accounts reaching up to 80.23% on April 3rd and maintaining dominance at 77.98% by April 6th. Despite this bullish sentiment among futures traders, there is no strong correlation between spikes in Daily Active Addresses (DAA) and price gains, suggesting speculative activity may be driving the market.
Historical data reveals that while futures traders leaned heavily towards long positions in early April, Dogecoin’s spot price dropped nearly 32% from $0.248 in February to $0.169 in April. Trading volume also plummeted by 95%, from 7.18 billion tokens to just 353 million during the same period. Additionally, whale activity decreased significantly, with transactions over $100,000 falling from 466 on January 21st to only 19 by April 5th.
Network health metrics, such as Daily Active Addresses, also showed deterioration, declining by 22% from 81,861 on March 11th to 63,736 on April 5th. This data suggests a divergence between short-term speculative excitement in futures markets and broader market hesitation, highlighting fragile optimism among DOGE traders amidst waning interest and ongoing price declines.
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