Have Traders Moved Past Dogecoin? Transactions Plunge 98% Since June
13 Outubro 2023 - 2:00PM
NEWSBTC
Data shows that Dogecoin transactions have dropped more than 98%
since June, a sign that investors have lost interest in the meme
coin. Dogecoin 7-Day Transaction Count Has Dropped To Just 37,300
According to data from the market intelligence platform
IntoTheBlock, activity on the DOGE network has really slowed down
recently. The metric of interest here is the total number of
transactions that the Dogecoin blockchain is observing every day.
When this indicator has a high value, it means that the investors
are making a large amount of moves on the network right now. Such a
trend implies that the holders have an active interest in trading
the cryptocurrency. Related Reading: Bitcoin Finds Rejection At
This Historical Line, Bear Market Back On? On the other hand, low
values imply the blockchain is only seeing a few daily transfers,
which can be a sign that traders have no interest in using the meme
coin currently. Now, here is a chart that shows the trend in the
7-day average number of daily Dogecoin transactions over the past
few months: Looks like the 7-day average value of the metric has
been heading down in recent days | Source: IntoTheBlock on X As
displayed in the above graph, the Dogecoin blockchain observed a
high amount of transaction activity during July and the first half
of August. As the second half of August kicked off, however, the
indicator’s value saw a steep decline. The reason behind this sharp
drop is likely to be the crash that the price of the meme coin saw
at about the same time. Before this crash, DOGE had been trading
above the $0.076 mark, but after it, the asset plummeted toward the
low $0.06 level. Till now, the coin hasn’t been able to recover
from this plunge. Rather, the memecoin’s situation has only become
more dire recently, as its price has registered some drawdown even
below these lows. From the chart, it’s visible that the
transactions on the network have seen a similar fate, as they have
dropped to pretty low levels now. At present, the 7-day average
number of daily transactions on the Dogecoin blockchain stands at
37,300, which is quite the plunge compared to the 616,000 spike
seen in July. The current levels are even worse when looking at a
longer timespan, as IntoTheBlock notes that the asset had been
enjoying 2.1 million 7-day average daily transfers just back in
June. Related Reading: Bitcoin Plunge Below $27,000 Drives
Investors Into Fear, Will Rebound Occur? Compared to this high in
June, the network activity today has declined by more than 98%,
which is a staggering figure. It would appear that almost no one
wants to use Dogecoin right now, at least compared to the high
interest the coin had seen a few months back. Historically, rallies
have been backed by a high amount of user activity, but as
transfers have shown no signs of any recovery recently, it’s not
surprising that the meme coin’s price hasn’t been able to display
any momentum, either. DOGE Price Dogecoin has seen more bearish
price action in the past few days as the asset’s value has now
dropped below the $0.058 level. DOGE appears to have plunged
recently | Source: DOGEUSD on TradingView Featured image from
iStock.com, charts from TradingView.com, IntoTheBlock.com
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