Dogecoin Plummets Amidst Dramatic Transaction Drop

The price of Dogecoin has experienced a significant downturn, shedding over 54% this year. This slide comes as transaction activity on the platform drastically drops, plummeting by an alarming 94% within just one month. On-chain records reveal a decline from over 374,700 transactions in mid-March to a measly 20,793 now, indicating a dramatic shift in Dogecoin’s engagement and user base. This change is also evident on social media where Dogecoin’s social volume has hit its lowest point in six months.