Dogecoin chain data shows that crypto’s daily transaction count has dropped to 16,441, a value it hasn’t seen since 2017. The daily transaction count metric measures the number of transactions that occur on the DOGE blockchain each day. With the help of the indicator, you can understand how active the network has been recently.
Here is a graph showing how the number of Dogecoin transactions has changed over its lifetime:
As the chart above shows, the indicator hit an all-time high (ATH) right after Dogecoin’s launch, and values recently approached it during the 2021 bull run. However, after the May crash, chain activity dropped drastically and the number of transactions today is at the same level as it was last seen in November 2017.
Besides these, Dogecoin has seen sharp moves recently as its price is now hovering around $0.219. In the past five days, the coin has fallen by 9%, while in the last month it has lost over 30%. Other prank coins like the Shiba Inu performed better in the same period. For example, the price of SHIB has only lost 10% in the last thirty days.
Dogecoin is also in danger of dropping out of the top 10 cryptocurrencies by market cap. DOGE is currently at the bottom of the list and may be off the list soon.
All these factors have made some people believe that Dogecoin may start to lose its power. Still, there have been some positive developments for the coin lately. Just last month, leading blockchain company Chainalysis added DOGE to its analytics reports in response to its massive popularity.
Considering how Dogecoin’s prank coin status has fueled its easy-explosive popularity, it wouldn’t be surprising if the coin would soon change its trend and attract more activity again.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.