Millionaires have been made before thanks to the value of meme coins. That may require faith on your part. However, due to the lack of practical application in most meme ventures, investors are growing increasingly suspicious of their long-term value. The value of the coin also shifts in response to news and opinions about it posted online, particularly from well-known people.
Dogecoin, the original canine-themed cryptocurrency, has seen its value fall precipitously this year. An obvious drawback is that there have been no major ecosystem updates for the meme coin in the past few months. Doge’s price also failed to skyrocket during the July bullish rise, when the rest of the cryptocurrency market saw significant gains.
Battles Lasting 31 Days
Bearish markets in June brought Dogecoin tumbling 95% from its May 4 price region of $0.13, and the month of July wasn’t any better. In the first few days of the month, Dogecoin was traded for close to $0l066. Additionally, other popular dog-themed cryptocurrencies like SHIB had 17% gains over the course of 31 days. Dogecoin, however, only saw a 1.4% increase.
During the same period, Dogecoin’s market cap only increased to $9.06B from $8.77M. The token’s trading volume spiked dramatically to 1.01 billion on July 20 from the monthly average of 282.02 million for the month of July. This coincided with the day that Dogecoin’s price reached $0.75, marking a new monthly high.
Effects Observed In Real Time
Santiment data revealed a gradual increase in the number of active addresses that interacted with Dogecoin throughout the 31-day period, despite the sluggish price growth. There was a 13% increase, to 73,800 on July 31st, in the number of daily active DOGE wallet addresses. On July 28, this indicator reached 105,000, the highest in 24 hours for Dogecoin in the past three months.
Moreover, on July 21, the network’s transaction volume reached a record high of 41.34 billion. That was after the price peak on July 20. On the other hand, the total amount of transactions for the asset dropped by 96% over the month, settling at 1.53 DOGE for Dogecoin.
Dogecoin’s social dominance shot up to 8.49% as the cryptocurrency’s price approached its all-time high of $0.75. But by the end of July, the token’s share in the social market had dropped to 3.3%, a drop of 61%. Meanwhile, on July 21st, the social volume reached a new all-time high of 5628. It also reported that July ended with a 63% decline, at 2057. It’s interesting to note that despite the minimal ecosystem upgrades over the past month, Dogecoin’s development activities saw an 80% rise.