The Dogecoin Twitter account with 2.1M followers retweeted the post of AMC CEO Adam Aron as well as tagged billionaire Elon Musk and Mark Cuban to increase the coverage of this meme coin. However, this attempt is unlikely to succeed as its popularity has now plummeted.
Source: Dogecoin/Twitter
Interest in Dogecoin plummets as price has nothing outstanding
The official Twitter account of Dogecoin recommended that Aron should talk to Musk and Cuban, who are also great meme coin supporters. “They have seen much wow,” the tweet states, hinting at their love of DOGE.
Although constantly mentioned yesterday and today, the situation of DOGE is still not much better. First, without discussing the price, according to CryptoCompare, the number of daily transactions on their network has dropped to just 18,000. It hit its lowest level since 2017 after peaking at more than 140,000 in April.
Source: CryptoCompare
Daily transaction rate is one of the fundamental on-chain metrics that reflect blockchain usage. Then, in terms of price, DOGE also recorded a drop of about 71% from its May 8 all-time high of $0.73.
Furthermore, Google searches for the term “Dogecoin” have dropped to their lowest level since late January. Search for the keyword “Dogecoin price” hit the 4th bottom on September 22, in the midst of a bear market.
Source: Google Trends
Although the Dogecoin rally ended up being a bubble that quickly popped, it would be too early to say that the coin meme was a fad. After all, it’s been around since 2013, surviving two brutal bear market cycles and coming back stronger than ever in 2021.
DOGE/USD 4-hour chart | Source: TradingView
At the time of writing, DOGE is changing hands at $0.224, recorded an 8% increase in the last 24 hours. But this seems to be just a bounce back from BTC and the market rally, as AZCoin News reported.
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