Dogecoin Transactions Plummet Over 98% in Recent Months
Data from market intelligence platform IntoTheBlock reveals a significant decline in Dogecoin transactions, indicating waning interest in the meme coin. The metric used to gauge activity on the DOGE network is the total number of daily transactions recorded on the Dogecoin blockchain. High transaction numbers suggest active trading and investor engagement, while low values indicate minimal transfers and reduced interest in using the cryptocurrency.
A chart displaying the trend in the 7-day average number of daily Dogecoin transactions shows a sharp decline since June, coinciding with a crash in the coin’s price. Prior to the crash, DOGE had been trading above $0.076 but plummeted to around $0.06 and has struggled to recover since then.
Currently, the 7-day average number of daily transactions stands at 37,300, a stark drop from the peak of 616,000 seen in July. Compared to June’s high of 2.1 million daily transfers, network activity has decreased by over 98%. This lack of user activity explains why Dogecoin’s price has not shown any significant momentum or recovery.
Declining Dogecoin Price
In recent days, Dogecoin’s value has experienced bearish price action, falling below the $0.058 level.
Hot Take: Dogecoin Loses Steam as Transactions Plunge
Data reveals that Dogecoin transactions have dropped by over 98% since June, indicating a significant loss of interest in the meme coin. The decline in network activity aligns with the crash in Dogecoin’s price during the same period. With minimal user engagement and reduced trading, it is not surprising that the coin has struggled to gain momentum or recover. This downward trend highlights the current lack of enthusiasm for Dogecoin compared to its previous popularity just a few months ago.
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