- DOGE’s Trading Volume plummeted along with its Weighted Sentiment.
- Most market indicators suggested that DOGE’s price might plummet further.
Dogecoin [DOGE] has witnessed a considerable drop in its network usage over the last few months. Earlier, the blockchain’s network activity witnessed a boost when its new Doginals were launched.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
Now, when the heat has settled in, will a new update related to Doginals be any good for Dogecoin?
Will Dogecoin’s network activity recover?
Over the last few months, Dogecoin’s network usage has dropped considerably, which was evident from its daily transactions. As per Bitinfocharts, DOGE’s daily transactions, after spiking in July, went down under the 50,000 mark.
The chart has also remained near the same mark for more than a month now.
The blockchain earlier witnessed a massive surge in network activity when it released its Doginals. For starters, Doginals are fragments of Dogecoin—individual “Shibes” on the Dogecoin network—that are tagged with rich data, such as text or images.
The Doginals DRC20 standard allows Dogecoin nodes to inscribe each Shibe with data, creating a Doginal.
When the blockchain launched Doginals, its network activity surged, but things cooled down later. Now, there has been a new update related to the same, which can once again act as a catalyst for increasing the memecoin’s network activity.
Doge Labs recently announced that Version 1.0.11 of
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Author: Dipayan Mitra
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