Individuals have earned millionaire status in the past due to meme coins. You may have to trust that. Nevertheless, market players have become highly skeptical about these assets’ long-term investment potential as most meme projects offer no real-world utility. Also, the coin’s prices fluctuate upon online commentary from renowned figures and overall market conditions.
The original canine-themed crypto, Dogecoin, has resorted to price plunges since the year started. The downside showcased as the meme token lacked substantial ecosystem upgrades within the last few months. Moreover, DOGE could not record a massive price growth as the overall crypto markets flourished amidst the July bullish rally.
31 Days of Struggle
July wasn’t better than the June bearish markets that sent Dogecoin spiraling downside by 95% from the May 4 price area of $0.13. Dogecoin changed hands near $0l066 as the month started. The 31-day upside saw other renowned canine-themed cryptos like SHIB rallying by 17%. However, Dogecoin surged only 1.4%.
Moreover, Dogecoin’s market cap only grew to $9.06B from $8.77M during the same timeframe. Surprisingly, the token logged 1.01B in trading volume on July 20, a massive jump from July’s daily average trading volume of 282.02 million. That came as Dogecoin touched the $0.75 mark that day, printing the highest price zone over the months.
Though the sluggish price growth, Santiment data confirmed a gradual increase in active addresses that interacted with Dogecoin during the 31-day timeframe. DOGE’s daily active wallets noted a 13% surge, with 73,800 addresses on July 31. Moreover, this index touched 105,000 on July 28, the highest 24hr address for Dogecoin in three months.
Meanwhile, the network’s transaction volume peak3e at 41.34 billion on July 21. That followed the July 20 price high. Meanwhile, the asset’s transaction volume went to drop 96% as Dogecoin ended the month with 1.53 DOGE aggregate.
On the social side, Dogecoin’s social dominance increased to 8.49% following price rallies towards the $0.75 high. However, it saw a 61% slump as the token closed July with 3.3% social dominance. Meanwhile, the social volume also hit the 5628 high on July 21. It also noted a 63% drop to close July at 2057. Interestingly, Dogecoin’s developmental activity recorded an 80% surge regardless of the minor ecosystem updates over the past month.
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