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Why is Dogecoin ($DOGE) Price Falling Amid 8,200% Transaction Spike?

Despite an increase in daily transactions, Dogecoin's price has continued to decline, dropping by 10% in May 2023. On-chain data shows a significant rise in network activity, but this has not translated into price gains. The spike in network activity is largely due to DRC-20 Ordinals transactions, with a significant drop in large transactions from whales. The prolonged decline in whale transactions suggests that DOGE's price could drop further towards $0.06, but there may be some bullish support around $0.065. The bulls could push for a rally to $0.09 if DOGE price breaks above $0.08.

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