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- Dogecoin (DOGE) has witnessed a remarkable rise in the number of transactions, coinciding with the price recovery.
- DOGE prices have slowed in recent days, with the altcoin stalling at the $0.08516 price range.
Top memecoin Dogecoin (DOGE) has garnered great investor interest in recent weeks. One notable development is the increase in the volume of transactions. Data reveals that beginning January 30th, the DOGE blockchain has been recording more than 1 million transactions per day.
This data suggests renewed interest in the world’s most popular memecoin. This is despite recent concerns that investors are shying away from the digital asset as it slips away from the top ten cryptocurrencies.
Dogecoin has processed more than 1M transactions every day since the 30th of January! pic.twitter.com/dpj83QLQr2
— IntoTheBlock (@intotheblock) February 19, 2024
As the shared chart reveals, the altcoin began witnessing an uptick on January 28th, reaching a top of nearly 2 million on January 30. Throughout February, the transactions have remained above the million, despite a sharp decline in recent days.
As CNF reported, these developments have coincided with a surge in trading volume exceeding $1 billion, largely fueled by transactions from large holders referred to as whales. The actions of this class of investors have sparked discussions about whether its price could reach $0.10.
At the time of writing, DOGE is trading at $0.08462 after a nearly 2% surge in the last 24 hours. On the weekly chart, the memecoin has lost nearly 1.5%, losses it will look to recover in the coming days as it turns green. Despite seemingly turning the ship around, the altcoin has dropped to 12th in ranking after being overtaken by TRON (TRX). At the time of writing, TRX’s market cap stands at a little over $12.3 billion, while DOGE stands at $12.1 billion. Just a few months ago, DOGE held the tenth position, which has since been occupied by Avalanche (AVAX).
Dogecoin has been suffering from a lack of interest from investors, with the project lacking any key developments or genuine utility. This is pivotal for any crypto project to be successful. In the past, DOGE has enjoyed the attention brought forth by influential people like Elon Musk. However, with Musk talking less about the project, this has been a huge hit for the memecoin.
Additionally, DOGE has come under great competition from up-and-coming memecoin projects such as Shiba Inu and Solana’s BONK. For the 18th-ranked Shiba Inu, the project has been working tirelessly to break out of its memecoin status. Some experts have suggested that SHIB could one day overtake DOGE to become the most popular memecoin.
There is one silver lining that could come with the X platforms integrating payments. With the platform continuously gaining licenses, it is expected that it will integrate cryptocurrencies and DOGE in particular. The integration of DOGE could generate substantial interest in the altcoin. This could boost its utility and drive adoption to a record high.
