[Analysis] "DogeCoin rebounds after Musk's apology... Retail investor frenzy yet to appear"
Summary
- Dogecoin (DOGE) rebounded following Elon Musk's apology.
- Spot trading volume remains at a recent bottom, with no signs of overheating yet.
- Trading frequency among retail investors is much lower compared to previous peaks, and active inflow has not been observed.
Amid the rebound of Dogecoin (DOGE), analysis indicates that overheating from retail investors has not yet emerged.
On the 11th (local time), CryptoQuant contributor crypto sunmoon reported, "While Dogecoin's price rebounded after Elon Musk apologized to Donald Trump, if you look at the recent bottom (green) area of the spot trading volume bubble map, the volume is still at a low level."
The contributor also noted that the trading frequency of retail investors has dropped significantly compared to the previous peaks, analyzing, "Although Dogecoin is rising with Musk, retail investors have not entered aggressively yet and are not active enough to form a peak."
Meanwhile, as of 7:56 am on the 12th, Dogecoin was trading at $0.1921 on CoinMarketCap, down 1.85% from the previous day.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
