According to BitInfoCharts data, Dogecoin's average transaction value plummeted nearly 80% from last Sunday's high of $1.16 million to less than $240,000 three days later.
Such a sharp drop in daily transaction value is a sign that the Dogecoin fever is gradually cooling down and a large amount of this digital currency is being held by "whales".
However, the current situation shows that the growth rate is slowing down.
On Wednesday, Dogecoin hit $5 billion in daily trading value, down 93% from its peak.
According to CoinMarketCap data, the price of Dogecoin is currently at $0.3055.
Who wins, who loses?
Dogecoin has been through a very wild journey. Starting at 0.5 cents, those who bought and held for a few months certainly made money. But there are probably a lot of people who bought at the highs when the price hit around 73 cents on May 8 and are now worried.
Dogecoin was created by engineers Billy Markus and Jackson Palmer in December 2013 to prove the worthlessness of cryptocurrencies. This satirical cryptocurrency uses a mock-up of the famous Japanese Shiba Inu dog as its symbol.
Initially, this meme went viral on the Internet in the early 2010s, creating a fever at both the US Comic Sans comic fair and appearing a lot in 9gag's photo manipulation culture.
The original photo was taken on February 23, 2010 by the dog's owner, a preschool teacher named Atsuko Sato. Ms. Sato started blogging 8 months ago to update daily information about her pet dog, named Kabosu.
The name is named after a large round Japanese lemon variety. The female dog Shiba Inu was adopted by her at a dog shelter that closed in 2008 surrounded by many Kabosu lemon trees.
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