Dogecoin DOGE/USD traded 0.2% lower at $0.08 over 24 hours leading up to early Thursday morning.

Dogecoin Price Performance

Time-frame	% Change (+/-)
24-hour	-0.2%
24-hour against Bitcoin	0.3%
24-hour against Ethereum	-0.2%
7-day	-1.4%
30-day	-30.7%
YTD performance	-53.75%

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The DOGE Factors

• DOGE wasn’t one of the most mentioned coins on Twitter at press time, according to Cointrendz.
• The 24-hour trading volume for DOGE fell 35% to $274.60 million, according to CoinMarketCap.
• Data from Coinglass showed that $379,010 worth of DOGE was liquidated over 24 hours as the meme coin traded flat.
• Dogecoin’s relative strength index was 39.85 at press time. An RSI below 30 indicates oversold conditions, while over 70 it indicates overbought conditions.

Major Cryptocurrencies Remain Rangebound

Major coins, including DOGE, remain rangebound while exciting price action shifts to a select number of altcoins. Meanwhile, new legislation in the U.S. would classify Bitcoin and Ethereum as commodities and give the Commodities Futures Trading Commission powers to regulate them.

A Key Date To Watch Out

DOGE has undergone a long period of consolidation and could be setting up a symmetrical triangle pattern on its daily chart, according to Benzinga’s Melanie Schaffer. This pattern emerges during periods of lower-than-average volume and is an indicator of consolidation. 

The meme coin is set to ascend to the apex of the triangle on June 20 and traders can watch for future movement cues on or before that date, wrote Schaffer.

Dogecoin Sister’s Delisting Awful 

Dogecoin-oriented Twitter handle Mishaboar noted the delisting of Dogecoin’s sister coin Litecoin LTC/USD on major Korean exchanges post the MimbleWimble update.

Mishaboar said that the update introduces a privacy-focused protocol and improves scalability and while the action of the exchange was expected it is still “awful.”

The news that #Dogecoin‘s “sister” coin, #Litecoin, is being delisted by major South Korean exchanges after their MimbleWimble update, which introduced a privacy-focused protocol (which also introduces drastic improvements in scalability), was expected, but still awful.

— Mishaboar (@mishaboar) June 8, 2022

Notably, Dogecoin can be merge-mined with Litecoin. This came into being in 2014 after Litecoin creator Charlie Lee suggested that DOGE be merge-mined with any Scrypt coin. 

DOGE On The Web

Dogecoin co-creator Billy Markus castigated purported crypto elitists on Twitter on Wednesday. He told his following on the platform that, in 2021, crypto elitists had warned that regulation would arrive due to DOGE and real DeFi projects are going to suffer.

“In 2022 regulation is coming not cuz of dogecoin, but because of DeFi bullshit,” said Markus.

remember how in 2021 the crypto elitists were all like “regulation is gonna come because of dogecoin! and real DeFi projects are gonna suffer!”

then in 2022 regulation is coming not cuz of dogecoin, but because of DeFi bullshit

— Shibetoshi Nakamoto (@BillyM2k) June 8, 2022

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Bitcoin adoption metrics across the board “look awful”, claims a BTC fundamental expert on Twitter.

BTC Adoption Metrics Seem To Be Down

A BTC fundamental expert on Twitter claims that Bitcoin adoption metrics “look awful”, citing a few charts highlighting the important trends.

There are three relevant graphs here that the expert has pointed out, each related to the BTC address growth.

The first metric is the Daily Active Addresses, which as the name suggests shows the number of addresses active each day.

Here is how the Bitcoin Daily Active Addresses chart looks like:

BTC active addresses have plummeted recently

As is clear in the graph, the Bitcoin daily active addresses have only gone down in the last few months. In fact, the metric seems to have almost halved when compared to the peak during the early part of the year.

The next indicator of relevance is the number of addresses with more than 1k BTC metric, which shows how many addresses have more than a thousand coins stored.

Based on the value of the metric, it becomes possible to know how many whales are still holding on to their Bitcoin.

When the value falls, it means whales have started to dump. On the other hand, when it rises, it means old whales have bought into BTC again, and/or new investors have joined in.

Here is how the chart of number of Bitcoin addresses with or more than 1k BTC in balance looks like:

The BTC addresses with or more than 1k coins haven't recovered since the bull run

The above graph shows that the Bitcoin whale addresses fell down when BTC peaked during the 2021 bull run, and since then the metric has shown no signs of recovery.

This means that the whales that dumped during the run haven’t bought back into BTC yet.

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The last metric is the BTC New Address Growth, which shows how many new addresses are made each day. Here is how its chart looks like:

BTC new addresses have been gradually going down since the start of the year

It looks like the new addresses metric has gone down to the same level as it was right after the 2018 crash.

Related Reading | Bitcoin Trading Volume Plunges To Lowest Level Since 2020

However, while each of these indicators might not look so good, it should be noted that they can change for the better very quickly.

Bitcoin Price

At the time of writing, BTC is trading around $32.8k, down 5% in the last 7 days. Here is a chart showing the trend in the crypto’s price:

Bitcoin seems to be on a downward trend | Source: BTCUSD on TradingView

Featured image from Pexels.com, charts from glassnode, TradingView.com