There has been a notable shift in the traditional belief that the West holds the most influence over the price direction of cryptocurrencies. This change is particularly evident in the case of Dogecoin, where the narrative has been evolving recently. A closer look at the chart reveals that the transaction share from the East has surpassed that of the West multiple times over the past two weeks. In fact, on a specific day, the East/West ratio stood at an impressive 67/33. This indicates that the East is now playing a significant role in determining the price trends for Dogecoin.
Dogecoin Cumulative ROI: Region-Wide Analysis
Since the beginning of the year, Dogecoin has experienced a decline of 5.6% in terms of its Year-to-Date performance. Data from Velo Data reveals that during Europe’s trading hours (indicated by the purple line), DOGE’s cumulative return on investment (ROI) has mostly been in negative territory throughout 2023. Unfortunately, this negative trend has worsened in the second half of the year.
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During the first few months, when DOGE rallied along with Bitcoin, the market predominately had buyers from the U.S. [blue] and Asia Pacific [yellow] regions. However, in Q2, U.S. buyers started sidelining, and the ROI during Western trading hours slipped into negative territory.
The Asia-Pacific region’s tale has been the most successful one so far. Only in June, for a brief period, did the ROI drop into negative territory. Other than that, it has only been oscillating in the positive region. In fact, significant upward strides were registered by APAC in Q3. Specifically, this region’s cumulative session return figure stood at 24.28% at press time, when compared to the U.S.’s -14.79% and the EU’s -40.69%.
