Dogecoin [DOGE] has witnessed a considerable drop in its network usage over the last few months, which looked concerning
Dogecoin’s daily transactions have been dropping since July 2023. DOGE’s price also declined by over 3% in the last 24 hours.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.Over the last few months, Dogecoin’s network usage has dropped considerably, which was evident from its daily transactions.
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’s trading volume has also dropped over the last few days, suggesting that investors were not actively trading the memecoin.’s Binance Funding Rate remained green during most of the days last week, meaning that investors were buying the coin at a lower price. Additionally, negative sentiment around the token was dominant in the market, which was evident from the dip in its Weighted Sentiment.
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