Data shows that since June, the trading volume of Dogcoin has decreased by more than 98%, indicating that investors have lost interest in this meme currency.The 7-day trading volume of Dogcoin has decreased to 37300 transactionsAccording to data from the market intelligence platform IntoTheBlock, activity on the DOGE network has indeed slowed down recently
Data shows that since June, the trading volume of Dogcoin has decreased by more than 98%, indicating that investors have lost interest in this meme currency.
The 7-day trading volume of Dogcoin has decreased to 37300 transactions
According to data from the market intelligence platform IntoTheBlock, activity on the DOGE network has indeed slowed down recently. The indicator of interest here is the total number of transactions observed on the Dogcoin blockchain every day.
When the indicator has a high value, it means that investors are currently conducting a lot of operations online. This trend means that holders have a positive interest in cryptocurrency transactions.
On the other hand, low value means that blockchain only transfers a few times a day, which may indicate that traders are currently not interested in using memes.
Now, the following chart shows the trend of the 7-day average daily trading volume of dog coins over the past few months:
As shown in the above figure, Dogcoin blockchain observed a large amount of trading activity in July and the first half of August.
However, as the second half of August began, the value of this indicator sharply declined. The reason behind this sharp decline is likely a sharp drop in meme prices that occurred around the same time.
Before the crash, the trading price of DOGE had been above the $0.076 mark, but after the crash, the asset plummeted to a low of $0.06. So far, tokens have not recovered from this sharp decline.
On the contrary, the situation with memes has only recently become more severe, as their prices are even lower than these lows. From the chart, it can be seen that transactions on the internet have also experienced a similar fate, as they have now dropped to a relatively low level.
At present, the average daily transaction volume on the Dog Coin blockchain for 7 days is 37300, a significant decrease from the peak of 616000 transactions in July.
From a longer time span, the current level is even worse, as IntoTheBlock pointed out that as of June, the average daily transfer count for the asset over the course of seven days was 2.1 million.
Compared to the high point in June, today's online activity has decreased by more than 98%, which is an astonishing number. It seems that almost no one wants to use dog currency now, at least compared to the high interest rate of the currency a few months ago.
From a historical perspective, the rebound has been supported by a large amount of user activity, but due to the recent shift showing no signs of recovery, it is not surprising that the price of memes has not shown any momentum.
Dog Price
In the past few days, the price trend of dog coins has become even more bearish, as the value of the asset has now fallen below the level of 0.058 US dollars.
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