Dogecoin has seen a slowdown in momentum with price crashes that have plagued the market. Things like transaction count metrics have shown that Dogecoin may be slowing down as the asset loses more o its value. Bitcoinist reported in September that the transaction count of Dogecoin had dropped to levels not seen since 2017. On-chain data showed that the number of daily transactions had dropped to 16,441 per day. This signal a decline in interest in the cryptocurrency which had been built off of mostly hype.
Dogecoin’s use cases, or lack thereof, is something that has prevented the digital asset from achieving the highest possible growth. This is why as the altcoin had grown in popularity, Doge developers have taken steps to expand the coin’s utility past just its monetary policy. Some of these have been reducing transaction fees to make Doge a more attractive option for crypto payments.
Increasing Doge Utility
Co-founder of Dogecoin, Billy Markus, had reentered into the Dogecoin market after he had previously sold all of his crypto holdings. Back again, Markus has now re-immersed himself into the Dogecoin community. Recently, the co-founder laid out what he believed would help to bolster the adoption of Doge; a Dogecoin-Etheruem bridge and NFT support for the cryptocurrency.