This Year Has Been Challenging for Dogecoin
Dogecoin (DOGE), the popular dog meme-inspired cryptocurrency, has had a tough year. It has experienced losses on all its charts and has seen a significant decline in daily transactions over the past month and a half.
Daily Transactions Drop
According to blockchain analytics platform IntoTheBlock, the weekly average for daily Dogecoin transactions currently stands at 37,300. This is a massive drop from June’s 2.1 million and a moderate decline from July’s spike of 616,000.
A Statue for Kabosu
In other news, Kabosu, the Japanese Shiba Inu dog that inspired the Doge meme and Dogecoin, will be honored with her own statue in Sakura, Japan on November 2. This event follows last year’s successful fundraising campaign and could potentially generate more interest in DOGE, leading to an increase in its price and transaction count.
Hot Take: Will the Statue Boost DOGE?
The upcoming statue unveiling for Kabosu, the beloved dog behind the Doge meme and Dogecoin, has the potential to bring renewed attention to the cryptocurrency. With its own physical representation in Sakura, Japan, DOGE may see increased interest from both existing and new investors. This heightened interest could lead to a rise in DOGE’s price as well as an uptick in daily transactions. Keep an eye on DOGE’s performance following this event to see if it can regain some of its recent losses.
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