- Dogecoin has struggled to fully recover since its decline two weeks ago.
- As prices fell, overall supply decreased further.
Recently, Dogecoin (DOGE) has experienced less favorable price trends, resulting in a decrease in the number of tokens in profitable status. Nevertheless, despite the downtrend, derivative indicators indicate buyer aggression.
Dogecoin profits decline
Analysis of Dogecoin’s supply shows a decline in returns at the start of the year, following a relatively stable trend throughout December.
Profits remained roughly constant, with approximately 103 billion tokens benefiting. But it had fallen to about $79 billion earlier this year, according to Santiment.
There were efforts to rebound, but the number did not exceed 100 billion.
Source: Santiment
There has now been a slight decline, bringing DOGE’s revenue to around 78 billion as of the latest update. Given the current range, this translates to a profit percentage of approximately 59% of total supply.
DOGE remains rooted in the Bear Zone.
A look at Dogecoin’s daily timeframe chart shows a series of fluctuations between gains and losses following the sharp drop on January 12th.
In particular, the losses were greater than the profits. At the close of trading on January 19, DOGE was worth about $0.078, up about 0.6%.
At the time of this update, the price was maintained at $0.078 and a small profit of around 0.2% was maintained.
The trend shown by the short moving average (yellow line) indicates a bearish trajectory. A yellow line is located above the price, indicating a less favorable trend.
Additionally, the Relative Strength Index (RSI) remains below the neutral line and is struggling to break above it. Based on the latest data, the RSI line is barely touching 40, indicating a strong downtrend.
Dogecoin buyers are becoming more aggressive.
Although the overall price trend is not particularly impressive, there are clearly some interesting developments on the derivatives front among traders.
Looking at Coinglass’s funding rate chart, it shows a consistent rate of around 0.01% since around January 4th.
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However, at the time of this update, the funding rate had risen noticeably to around 0.05%. This upward trend suggests increased aggression among buyers.
These increases often represent traders’ bets anticipating a potential price increase.
Source: Coinglass