With its eye-watering gains earlier this year, Dogecoin captured the hearts and minds of the financial community. However, in recent months, Dogecoin’s popularity has fallen precipitously.
According to CryptoCompare, a cryptocurrency market statistics source, the number of daily transactions on its network has decreased to barely 18,000. In April, it reached a peak of more over 140,000 people, which was the lowest number seen since 2017.
The daily transaction rate is one of the most important on-chain indicators since it represents the extent to which the blockchain is being used.
In addition, the Dogecoin price has fallen by around 71 percent from its all-time high of $0.73 reached on May 8.
Google searches for “Dogecoin” have also decreased to their lowest level since late January, according to the company.
While the Dogecoin rise turned out to be a bubble that burst very rapidly, it would be foolish to dismiss the meme coin as a passing trend.
After all, it has been in existence since 2013, having survived two terrible bear market cycles and emerging stronger than ever in 2021.
Additionally, the joke cryptocurrency is gaining traction among merchants, with AMC CEO Adam Aron recently conducting a Twitter poll to see whether or not his followers wanted the world’s largest movie theatre chain to accept the funny money.
