Blockchair, a multichain analytics platform, reported that on‑chain activity for Dogecoin (DOGE) has weakened, indicating fading interest rather than a sudden sell‑off. Transactions on the network were 37% lower than in October, and the dollar value of those transactions declined accordingly.
Daily miner revenue, which typically amounts to about 13.7 million new DOGE, also fell as the price slipped. After generating roughly $1.20 million a day last month, revenue dropped below $1 million in the most recent week.
Price pressure on DOGE coincided with broader market weakness. Earlier in the month, Bitcoin (BTC) and Ethereum (ETH) each lost around 2% and 5% over a week, while the memecoin sector experienced larger declines. DOGE fell 7.94% from its recent peak of $0.075, while other meme tokens such as Pepe showed limited upside.
Technical analysis shows DOGE trading within a descending channel on the 4‑hour chart. The daily bullish structure remains anchored by August’s $0.067 swing low, but shorter‑term charts appear bearish. A bounce toward $0.071‑$0.073 is possible within the channel; a break below $0.067 could target the 23.6% downside extension near $0.059‑$0.060, implying a roughly 14% decline.
Overall, subdued on‑chain activity and a descending price channel suggest continued downward pressure for Dogecoin in the near term.
