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Dogecoin daily transactions drop to lowest in 3 months

Dogecoin daily transactions drop to lowest in 3 months

This year has been rough on the highest-ranking and Elon Musk’s favorite dog meme cryptocurrency asset Dogecoin (DOGE), as it has suffered losses on all of its charts, and it is also recording significant declines in the number of its daily transactions in the past month and a half.

As it happens, the weekly average for daily Dogecoin transactions currently sits at 37,300, which is a massive drop from June’s 2.1 million and a moderate decline from the following 616,000 spike in July, according to the data shared by blockchain analytics platform IntoTheBlock in an X post on October 11.

Dogecoin 3-month transaction count. Source: IntoTheBlock

Much decline

In other words, the number of daily transactions at press time is down 98.22% from June and 93.95% compared to July, with the trendline turning flatter following the sharp decline from the July peak, a subsequent small increase in mid-August and failing to recover since then.

Specifically, in periods when the above metric is low, it means that traders are not very active in exchanging the crypto asset in the market at the moment, suggesting that there might not be much interest in making transfers among investors or using DOGE to make transactions.

Having said that, the IntoTheBlock analysts have also pondered the possibility of another significant increase in DOGE transfer activity soon, considering the amount of time that has passed since the last wave in daily transaction count.

Dogecoin price analysis

Meanwhile, the price of Dogecoin at press time stood at $0.058, which represents a loss of 1.2% to its value on the day, in addition to declining 4.8% in the last week, dropping 4.66% over the past month, and as much as 16.86% since the year’s turn, as per the latest data on October 12.

Dogecoin price year-to-date (YTD) chart. Source: Finbold

It is also worth noting that Kabosu, the Japanese Shiba Inu dog who inspired the Doge meme and Dogecoin, is getting her own statue in Sakura, Japan, on November 2, following last year’s fundraising campaign, in an event that could increase interest in DOGE, including raising both its price and transaction count.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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