Developer activity is often a good indicator of a project's health. Using Dune and other blockchain explorers, you can monitor the number of commits, pull requests, and code changes on a project's GitHub repository or other developer platforms. Consistent and active development typically signals that the project is continuing to innovate and improve, which is a positive signal for long-term value.
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Dogecoin demonstrates that memes themselves can create economic value. The meme acts as a coordination mechanism: shared humor builds community, and community builds liquidity. Investors treat DOGE as a bet on collective belief rather than technology. When the meme is culturally relevant, price rises; when the meme fades, price stagnates. This creates cyclical volatility tied to internet culture. The investment logic is essentially: “If the meme lives, the coin lives.”
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Transaction volume reveals a project's economic activity. High volumes suggest utility and demand. Analyze gas fees paid and token transfers on-chain. Dune Analytics excels here: build queries to sum transactions for a specific token, plotting volumes against market caps. Identify spikes during events. Glassnode provides similar insights with charts on exchange inflows/outflows. Low volume relative to hype may indicate overvaluation. Combine with liquidity pools on Uniswap via Dune to assess slippage risks, ensuring the project's value aligns with real usage rather than speculation.
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