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Dogecoin transactions hit their lowest level since 2017, with DOGE losing 30 percent in price last month. This has caused the crypto community to think that DOGE is losing momentum. Here are the latest data for DOGE…

Dogecoin daily transaction count drops to 16,441

Dogecoin chain data shows that the crypto’s daily transaction count has dropped to 16,441, a value the coin has not 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, it can be seen how active the network has been recently.

DOGE transactions have crashed recently. Source: Bitinfocharts

As the chart above shows, just after the concept of the indicator Dogecoin was created, in early 2014, transactions on the network; hit its all-time high (ATH). Cryptocoin. com, the values ​​seen during the 2021 bull run approached 2014.

However, after the May crash, on-chain activity dropped drastically and today the number of transactions is at the same level as it was last seen in November 2017. In addition, the value of DOGE in terms of price also decreased. Cryptocurrency, on May 8, 0. . It is trading as much as 71 percent below its ATH of $73.

Dogecoin’s price dropped 30 percent in a month

The price of Dogecoin hovered around $0.207 at the time of writing. In the last seven days, the value of the cryptocurrency has dropped by 14.5 percent and by 28.3 percent in the last 30 days. Other meme coins like Shiba Inu performed better over the same period. For example, the price of SHIB has only lost 10% in the last thirty days.

Dogecoin also recently dropped it in the list of top 10 cryptocurrencies by market cap. DOGE ranks tenth by market cap at the time of writing. The declining transaction count isn’t helping the coin’s condition, as other popular cryptos are seeing much better numbers on this metric.

All these factors have made some people believe that Dogecoin may start to lose its power. Still, there has been some positive news for the coin recently. Last month, leading blockchain intelligence firm Chainalysis added DOGE to its analytics reports in response to its massive popularity. According to crypto analyst Hououin Kyouma, given how Dogecoin achieved its rise in meme status, it is likely that crypto will soon reverse and attract more activity again.


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Michael Lewis

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