Dogecoin Transaction Levels Drop To 4-Year Low Despite Surge In Adoption

Transaction activity on the Dogecoin DOGE/USD blockchain has fallen to levels last seen in 2017.

What Happened: Daily transactions on the Dogecoin network dropped as low as 15,400 on Sept. 19, according to data from BitInfoCharts.

The number of daily transactions is still well below 17,000 now and matches the low levels of on-chain activity seen four years ago.

See Also: Dogecoin Adoption Growing Faster Than Ever: To The Moon Soon?

Earlier this year, daily transactions hit a high of nearly 140,000, coinciding with when the meme-based cryptocurrency began its meteoric rise.

DOGE went from trading at 7 cents in April to an all-time high of 73 cents only a month later, effectively gaining 940% over the period.

Most of this momentum was driven by tweets from the coin’s most influential supporter, Tesla Inc TSLA CEO Elon Musk.

Dogecoin’s rise in popularity prompted many companies to consider launching their own DOGE-themed products and accept DOGE as a means of payment.

Most recently, AMC Entertainment Holdings Inc AMC CEO Adam Aron ran a Twitter poll asking the public whether the cinema chain should include DOGE in its list of accepted cryptocurrencies.

Even as DOGE adoption appears to be higher than ever, the coin’s value has not shown much promise in recent times. Since falling from highs above 50 cents in May, DOGE has consolidated under 35 cents for the better part of the last three months.

This sluggish movement in price is backed up by the lack of on-chain activity seen in the transaction data reported Thursday. 

At press time, DOGE was trading at 22 cents. 

Photo: Executium on Unsplash.