Is Dogecoin losing its power? Currency transactions are at their lowest level since 2017

Dogecoin transactions have fallen to their lowest level since 2017 , losing 30% of their value over the past month. Will the currency lose its strength? Dogecoin chain data shows that the number of daily crypto transactions has fallen to just 16,441 , a value the coin hasn’t seen since 2017 . Daily transactions are based on metric measurements of the number of movements that occur on the Dogecoin block , during a single day. With the help of this indicator, you can find out how active the network has been in recent times. Here is a graph showing how the number of currency transactions has changed since its inception:

As the chart above shows, the index rose to an all-time high ( ATH ) just after Dogecoin was visualized , and values ​​reached close to it recently during the 2021 bull run . Chain activity also declined sharply after the May crash, and today the transaction accounts are back, around the same levels last seen in November 2017 .

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Dogecoin price lost 30% of its value last month, has the currency lost its strength?

Dogecoin has recently seen a sharp drop in its price, now estimated at $ 0.219 , decreasing in value by 9% over the past five days, while declining by 30% over the past month. This is a graph showing the trend in the currency price during the past 30 days:

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The value of other currencies

Other nearby currencies, such as the Shiba Inu, showed better results in the same period. For example, the Shiba Inu has only lost 10% of its price in the past 30 days. It has also Dugkoan recently issued a list of the top 10 encrypted currencies in terms of market size. As the table below shows, the coin is on the edge of the list, with the potential to be out of it soon:

A lower number of transactions does not indicate the best for a currency, as other popular cryptocurrencies see much better numbers in this metric as well. For example, experienced a currency Bitcoin Cash of Bitcoin Cash Additional Shipping Terms ( the BCH ) is less than 89 thousand transactions yesterday, while witnessed the Aatkoan Litecoin ( LTC ) more than 133 thousand traffic Blukchen on the same day. All these factors, made some people believe that Dogecoin is starting to lose its potency. However, there has been some positive news for this currency lately. Intelligence company has added Blukchen leading Chaanalaest Chainalysis since only one month, coin Dugkoanto its analytical reports, in response to its immense popularity. Given how easy-to-spread the Dogecoin meme is, it's possible that the crypto could soon reverse, attracting more activity again. Read also: Dogecoin: A Brief History of the Greatest Crypto Meme