Have Traders Moved Past Dogecoin? Transactions Plunge 98% Since June

Keshav Verma

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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.

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

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.