Shiba

Cryptocurrency

Dogecoin

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 <p class="paragraph">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.</p>
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 <p class="paragraph">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 <em>IntoTheBlock</em> in an X post on October 11.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/CqqM08q65vmzPpYUmYdLP3AWx5DiTPcub3woQ5d2LaYUiN9cWGnO5rH4f06phOmRxlUvYWWkC40FKq-WPMh7UoUQO-mtIf6N-MizA6PjKi7haIXAnOGE0_wK1tnGdhjtlAEtllVE2o62fn-RdJX5MFY" alt>
  <figcaption class="wp-element-caption"><em>Dogecoin 3-month transaction count. Source: </em><em>IntoTheBlock</em>
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 <h2 class="wp-block-heading" id="much-decline">Much decline</h2>
 <p class="paragraph">In other words, the number of <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a> 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.</p>
 <p class="paragraph">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.</p>
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 <p class="paragraph">Having said that, the <em>IntoTheBlock</em> 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 <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> count.</p>
 <h2 class="wp-block-heading" id="h-dogecoin-price-analysis">Dogecoin price analysis</h2>
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>, and as much as 16.86% since the year’s turn, as per the latest data on October 12.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/u-Hny4lD93uoc9K923xj5N49rnCumK0OCg0fOPP4dpJT4p69KNXrXLjhcYQ1bdYCMnHqi2Rw3bSSSJx2PcsrrFc92G2eozT7nwApmjZeDt5s-wx9OO4k7akWZ8lT6o40D_xMHqA5Ymfx5eNjWDfErMU" alt>
  <figcaption class="wp-element-caption"><em>Dogecoin price year-to-date (YTD) chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> count.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/dogecoin-daily-transactions-drop-to-lowest-in-3-months-tbt66098.html">https://thebittimes.com/dogecoin-daily-transactions-drop-to-lowest-in-3-months-tbt66098.html</a></p>

Dogecoin daily transactions drop to lowest in 3 months

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