It took less than a month to fall from 15.1 billion coins to 6.6 billion. CryptoTicker’s November 9 statistics showed Dogecoin’s daily on-chain transfer volume dropping from 11.5–15.5 billion coins in mid-October to 6.6–9.4 billion from November 6 to 8, while the dollar value fell from $1.06 billion a day to around $570 million. On the same day, there was another direction: in a CoinGecko snapshot at 02:18 UTC today, $DOGE still ranked first by market cap in the meme sector.
Transfer volume counts whether people are actually moving coins; rankings are based on circulating supply multiplied by price. The circulating supply figure is 156.68 billion coins, and it has barely changed over the past few months. When the price moves, or other coins in the sector change in market cap, the ranking shifts. How much actually moved on-chain doesn’t factor into this calculation.
Both figures are real; they point in different directions.
#Dogecoin #MemeCoin $DOGE
That’s the risk I’m talking about: when the position looks good, usage may already be declining. Crypto assets are volatile. DYOR.
Transfer volume counts whether people are actually moving coins; rankings are based on circulating supply multiplied by price. The circulating supply figure is 156.68 billion coins, and it has barely changed over the past few months. When the price moves, or other coins in the sector change in market cap, the ranking shifts. How much actually moved on-chain doesn’t factor into this calculation.
Both figures are real; they point in different directions.
#Dogecoin #MemeCoin $DOGE
That’s the risk I’m talking about: when the position looks good, usage may already be declining. Crypto assets are volatile. DYOR.