"It's time" - A statement by Musk ignited the Dogecoin frenzy, but on-chain data poured cold water on it.

Elon Musk once again stirs up the community.

The latest post from the billionaire on platform X continues to bring Dogecoin (DOGE) back into the spotlight. Immediately after his statement, this memecoin quickly became a hot topic on social media.

However, contrary to the bustle in the online space, the market's reaction has been rather indifferent.

Musk's post ignites attention with DOGE

Elon Musk's brief status “it's time” on X quickly stirred the Dogecoin community.

Source: XThis post appeared as a response to a fan account recalling Musk's 2021 commitment — that he would “send a real Dogecoin to the Moon.” That statement had sparked significant price surges and brought DOGE out of the meme world to become the center of the market.

However, this time, the reaction is somewhat more cautious. Traders are watching to see if Musk's latest statement has enough power to ignite another wave of excitement for Dogecoin.

Talk more than do

Since Elon Musk's post until the time this article was written, social media metrics related to Dogecoin have surged significantly.

Source: SantimentSocial Volume and Social Dominance of DOGE have surged to their highest levels in many days, indicating that community interest is being “revived”. However, on-chain data from Santiment tells a less vibrant story.

Source: SantimentThe number of daily active addresses (Daily Active Addresses) remains around 37,700, while the transaction volume (Transaction Volume) decreased to 125 million USD, and the number of large whale transactions (Whale Transactions > 1 million USD) recorded only 5 cases at the time of writing.

Although the market sentiment is somewhat optimistic, the actual indicators still reflect a relatively subdued picture.

Speculators on the sidelines

Source: CoinGlassOpen contract (OI) continues to decline, currently only around 690 million USD – a sign that the interest of traders is gradually cooling down. Meanwhile, the funding rate remains at a slight positive of 0.16%, reflecting that the Long side still holds an advantage over the Short side, although confidence in the upward trend is no longer as strong as before.

On the price chart, DOGE is hovering around the 0.16 USD mark at the time of writing, struggling to find a balance point after the recent sharp decline. The RSI index has slipped to the 30 level – a clearly oversold zone – but the trading volume remains sluggish, indicating that the market is not yet ready for a new bounce.

Source: TradingViewIt seems that traders have learned their lesson: no longer “chasing” the fads ignited by Elon Musk — even when the coin is a product of that very craze. And this time, Dogecoin's reaction remains an unpredictable enigma.

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