Dogecoin bullish rally has shown signs of slowing down since the mid of this year. After the meme token created much hype in April and May due to Elon Musk, its activity with retail investors has slowed down significantly.
However, the recent on-chain data shows that Dogecoin is one of the top-10 most used contracts on the Ethereum network. This is a sign that the Dogecoin network and token are exhibiting increased action.
Whales are buying the DOGE dip
The current data shows that Dogecoin is the seventh most active smart contract on the chain. It holds this position among market giants such as Binance Smart Chain, BNB and Chia Coin.
The increased on-chain activity shows that there is increased buying activity for the meme token. It also shows that the Dogecoin smart contract is receiving active interaction from users, creating buying activity for the meme coin.
The on-chain data is different from what is happening in the market. Statistics from Tradingview show that Dogecoin is weakening in comparison to the USD. The DOGE/USD trading pair has shed around 10%.
During the past 24 hours, Dogecoin fell to a monthly low of $0.19. The meme token has been on a bullish run for the past two months, but it is currently trading at lows reported towards the end of September.
The crypto market is dipping
Dogecoin is not the only meme token that is showing a decline in value. The majority of the market is currently trading in the red zone because of a bearish trend. During the past 24 hours, Bitcoin hit a monthly low of below $54,000. Moreover, it has shed 21.5% since November 10, when it hit an all-time high price of $69K.
On-chain data on Bitcoin also shows that whales account for around 90% of the amount sent to exchanges. This is contrary to what happened in September and October because the current data shows that whales are contributing to the selling pressure.
The largest altcoin, Ethereum, is also suffering from a notable price dip. The token has shed 17% in the past two weeks. It also recently hit a monthly low of around $3960.
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