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Memecoins have made people millionaires in the past. Yes, that is correct.

However, as most meme projects do not offer a specific utility and token price, mainly influenced by online comments from popular figures and general market conditions, investors are increasingly skeptical of long-term investments in these tokens.

With no major ecosystem upgrades in the past few months, the leading meme coin, Dogecoin [DOGE] Prices have started to fall since the beginning of the year.

While other markets rallied in July’s bull rally, DOGE’s price hasn’t seen any major gains.

No significant increase in 31 days

Following the bear market in June that saw the leading meme coin drop 95% from its $0.13 price level on May 4, July wasn’t much better.

At the beginning of the month, the index price of DOGE was $0.066. The 31-day bull run caused other prominent meme tokens like SHIB to jump 17%. However, DOGE grew only 1.4%.

During the same period, the coin’s market cap has only rebounded from $8.77 billion to $9.06 billion.

Interestingly, the average daily volume in July was 282.02 million, while on July 20, the token’s volume reached a high of 1.01 billion.

The surge was the result of DOGE hitting a $0.75 price point on the day, the highest price level the coin has recorded throughout the month.

Source: Santiment

On-chain performance

Although the price increase is negligible, the data comes from mood Shows a gradual increase in the number of active addresses trading DOGE tokens over a 31-day period.

From 73,800 addresses on July 31, daily active addresses on the DOGE network increased by 13%. The metric even hit 105,000 addresses on July 28, the highest daily address on DOGE in three months.

Transaction volume on the network peaked on July 21, with a record 41.34 billion DOGE tokens in all transactions completed that day.

This follows the price high on July 20. When DOGE ended at 1.53 DOGE, the transaction volume on the network continued to drop by 96%.

Source: Santiment

On the social front, the coin’s social dominance rose to 8.49% after the price rose to a high of $0.75.

However, it fell 61% as DOGE ended with a 3.3% social dominance. As for its social volume, it also hit a high of 5628 on July 21. By the end of 2057, DOGE’s social volume dropped by 63%.

Surprisingly, development activity on the DOGE network has seen an 80% increase despite few ecosystem updates in the last month.

Source: Santiment

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