Cardano and Dogecoin Post Divergent Trajectories in Wallet Addresses and Market Outlook

The number of non-zero wallet addresses for Dogecoin [DOGE] increased by over 13% in the past three months, reaching 6.62 million, while Cardano [ADA]'s declined by 0.1%, resulting in approximately 4.7 million holders. Dogecoin's price has exhibited more positive movements than Cardano, rising from the $0.08 range to the $0.1 range over the last three months, while ADA has experienced a decline from around $0.5 to $0.47.

Cardano and Dogecoin Exhibit Contrasting Trajectories in Non-Zero Addresses and Market Sentiment

Recent market data reveals a divergence in the trajectories of Dogecoin (DOGE) and Cardano (ADA) in terms of their non-zero wallet addresses and overall market sentiment.

Dogecoin: Non-Zero Addresses Surge, Market Sentiment Remains Subdued

Dogecoin has witnessed a notable increase in its non-zero wallet addresses, reflecting a growing number of active users. Over the past three months, the number of non-zero DOGE addresses has surged by more than 13%. This indicates that despite a flat price trend, the Dogecoin ecosystem is experiencing a gradual expansion in its user base.

However, market sentiment for DOGE remains subdued, as evidenced by its Relative Strength Index (RSI) remaining below 40. Despite a slight uptick in price, DOGE continues to trade within a bearish trend.

Cardano: Non-Zero Addresses Decline, Bearish Trend Dominates

In contrast to Dogecoin, Cardano's non-zero wallet addresses have declined by approximately 0.1% over the past three months. This suggests a slight contraction in the number of active users within the Cardano ecosystem.

Moreover, Cardano's market sentiment has also been bearish, with its RSI consistently below 40. The price has been on a downward trajectory since March, with a brief surge to the $0.7 range proving unsustainable.

Funding Rate Signals: Cardano Negative, Dogecoin Positive

The Funding Rate, an indicator of trader sentiment, has painted contrasting pictures for Cardano and Dogecoin. Cardano's Funding Rate has recently dipped below zero, indicating that sellers are dominating the trade, suggesting an anticipated price decline. This pessimism is further corroborated by low trader activity despite previous positive sentiment.

On the other hand, Dogecoin's Funding Rate remains positive at 0.011%, indicating that buyers are more prevalent in the market, suggesting an expectation of a price increase.

Conclusion

Dogecoin and Cardano have shown contrasting performance in terms of non-zero wallet addresses and market sentiment. Dogecoin's expanding user base and positive funding rate point to a potential for growth in the future. Conversely, Cardano's declining non-zero addresses and negative funding rate suggest that bearish sentiment is likely to persist in the short term.