Dogecoin Active Addresses Plummet 78% Amid Broader Crypto Market Sell-Off

The cryptocurrency market is experiencing a broad sell-off, with Dogecoin (DOGE) being one of the worst-hit assets. According to recent data, DOGE's active addresses have fallen by 78% due to reduced on-chain activity and falling adoption levels.

As geopolitical tensions escalated following Israel's attack on Iran, DOGE's price has been under intense selling pressure, closing at lower lows for three consecutive sessions. The memecoin's price has dropped to $0.088, down 10.48% from its previous high.

The decline in active users suggests that most traders have either closed positions or are sitting on the sidelines, with sellers dominating the market. The Futures Netflow has plunged 418%, indicating aggressive selling, and the liquidation rate has skyrocketed as a result of the drop below $0.09.