According CoinMarketCapDogecoin [DOGE] it is now the second largest cryptocurrency on the POW network after Bitcoin [BTC]. This development took place after the transition of Ethereum [ETH] in a proof-of-stake consensus mechanism.
With a market cap of $7.94 billion, DOGE placed ahead of Ethereum Classic [ETC] with a market value of $4.72 billion. Additionally, Litecoin [LTC] and Monero had a market capitalization of $3.95 billion [XMR] it had a market capitalization of $2.65 billion.
Memes in the post-merger era
While some assets recorded momentary gains following the Ethereum network merger (LDO and ETC), the top meme coins failed to register any significant positive price reaction.
According to data from CoinMarketCapShiba Inu [SHIB] ignored the hype surrounding Merge. Furthermore, memecoin continued its price decline for a month. As of this writing, SHIB is trading hands at $0.00001171, having fallen 37% over the past 30 days.
On the other hand, the price of DOGE increased by 2% moments after the Merger, according to data from CoinMarketCap shown. However, with its price pegged at $0.05933 at press time, the top meme coin had lost all of its post-merger gains.
All smoke and no fire?
DOGE had seen a 2% drop in its price in the last 24 hours. During the same period, the trading volume of the asset fell by 23%. In fact, since August 17th, as the price of meme coin dropped, its daily trading volume followed suit.
DOGE’s daily trading volume has fallen more than 85% since then, according to Santiment data. The asset price also fell by 35% over the same period.
With a steady decline in the price of DOGE over the past month, the only addresses that traded the meme asset followed a similar downward path. During the 30-day period, daily active addresses trading DOGE decreased by over 300%. At press time, daily active addresses on the network were 28,500.
Within the same period, the number of DOGE whale transactions also decreased. According to Santiment data, the daily number for whale trades exceeding $100,000 fell by 91%. In addition, the daily number for whale trades over $1 million also dropped by 91% in the last 30 days.
The DOGE network has been marked by stagnation for the past month. The consumption age of the item has steadily decreased over the 30 day period. This showed that many DOGE coins did not change addresses.
In addition, the average age of a dollar investment continued to increase, implying the increasing inertia of coins on the network. Without a change in the movements of these key metrics, the longer the network continues to stagnate, the more difficult it will be for the price of DOGE to rise.