• Dogecoin sees a substantial drop in activity as transactions fall sharply.
• Bulls have a chance for a healthy entry point but demand remains low.

Dogecoin [DOGE] fans have been hoping for a recovery from the low range where it remained for the last two months. Unfortunately, the lack of demand recently led to more capitulation. But is there more hope for the grandfather of the memecoins?

Is your portfolio green? Check out the Dogecoin Profit Calculator

DOGE’s inability to secure enough demand for a rally is reflected in its transaction activity. According to IntoTheBlock’s latest Dogecoin analysis, the number of active transactions involving the memecoin tanked hard in the last four months. For perspective, DOGE averaged over 2.1 million daily transactions in June. That figure has since crashed to below 38,000 daily transactions.

Dogecoin’s 7-day average for daily transactions now sits at 37.3k— a sharp decline from its June high of over 2.1M and a secondary spike of 616k in July. Will we witness another surge in $DOGE activity soon? pic.twitter.com/RTJbAtIBJ2

— IntoTheBlock (@intotheblock) October 11, 2023

The impact of the massive dip in Dogecoin transactions was evident from its performance. Its $0.058 press time price tag represented a 6% dip in the last seven days. However, the price crash did end up retest

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Author: Michael Nderitu

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