Memecoins have made people millionaires in the past. Yes that’s right.
However, since most of the meme projects do not offer any specific benefit and the price of the tokens is mostly influenced by online comments from famous personalities and general market conditions, investors are becoming more skeptical of long-term investments in these coins.
With no significant upgrades to the ecosystem in the past few months, the leading meme coin, Dogecoin [DOGE] Prices have been dropping since the beginning of the year.
While the rest of the market posted gains during the July bull run, DOGE failed to post any significant growth in its price.
31 days of no significant growth
After the June bear market sent the leading meme coin down 95% from its May 4 price level of $0.13, July was no better off.
At the beginning of the month, DOGE was pegged to an index price of $0.066. The 31-day bullish move led other notable meme coins like SHIB up 17%. However, DOGE grew by only 1.4%.
During the same period, the market capitalization of the token increased only from $8.77 billion to $9.06 billion.
Interestingly, with a daily average of 282.02 million in trading volume in July, the coin managed to reach 1.01 billion in trading volume on July 20.
The rise was the result of DOGE touching a price point of $0.75 on that day, the highest price level ever recorded for the coin in an entire month.
Despite the insignificant price growth, the data from Emotion It revealed a gradual growth in the number of active addresses traded in DOGE tokens over the 31-day period.
At 73,800 addresses on July 31, daily active addresses on the DOGE network grew by 13%. The scale reached 105,000 titles on July 28, the highest number of daily titles DOGE had seen in three months.
Transaction volume on the network peaked on July 21 with 41.34 billion total DOGE tokens recorded across all transactions completed that day.
This was after the price hike on July 20th. Transaction volume on the network continued to decline by 96% as DOGE closed the month with a total of 1.53 DOGE.
On the social front, the social dominance of the token rose to 8.49% after the price rose to $0.75.
However, it was down 61% as DOGE ended July with a social dominance of 3.3%. As for its social size, it also touched a high of 5,628 on July 21. By the end of the month in 2057, DOGE’s social size had fallen by 63%.
Surprisingly, the development activity on the DOGE network has managed to achieve 80% growth despite minimal ecosystem updates in the last month.