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Dogecoin (DOGE) hashrate

Dogecoin Hashrate Drops 34% In One Day, What’s Going On?

Best Owie
by Best Owie
2 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin hashrate was on the rise over the last week due to the popularity of DRC-20 tokens. However, the network has taken a nosedive in terms of hashrate over the past day with a double-digit drop. So what could be driving this decline?

Investors Find Other Things To Occupy Their Time

Now, when the Ordinals and BRC-20 craze first began, investors flocked to the Bitcoin network which led to a surge in the number of transactions on the network. It wasn’t long until developers were moving this concept to the likes of Dogecoin and Litecoin, both of which operate similarly to the Bitcoin network.

Related Reading: Sharp Decline In Miner Balances Suggests Incoming Selling Pressure For Bitcoin

From this, the DRC-20 tokens were born, allowing for the transfer of fungible tokens on the Dogecoin network just like the Ethereum ERC-20 standard. As their popularity grew, so did the number of transactions on the network. This report from NewsBTC shows that there was a 60x spike in the number of DOGE transactions in a 20-day period, thanks to DRC-20 tokens.

As expected, the spike in transactions also led to an increase in the hashrate of the network given the higher workload. According to data from CoinWarz, Dogecoin’s hashrate spiked to over 1 petahash per second (PH/s) on May 17 at the height of the euphoria. But as the hype dies down, the hashrate has returned to its previous levels.

Dogecoin hashrate

DOGE hashrate falls 34% in one day | Source: CoinWarz

Data from the mining tracker shows that DOGE’s hashrate is down over 34% in the last 24 hours. This coincides with a lull in interest when it comes to DRC-20 tokens. As investors move away onto the next shiny new thing, the hashrate has returned to 470.70 terahash per second (TH/s).

Dogecoin Prices Trends Low

One thing that stood out evenly throughout the DRC-20 hype is the fact that the price of Dogecoin did not positively react. Instead, the meme coin continued on the same path as the rest of the crypto market, not showing any significant movement.

As a result, DOGE is only seeing meager gains of 0.08% on the 24-hour chart. This follows the trend for the last week with a cumulative gain of 1.59% in the 7-day period. Nevertheless, the digital asset is still holding steady as the eighth-largest cryptocurrency in the market.

Dogecoin (DOGE) price chart from TradingView.com

DOGE struggles to hold $0.073 | Source: DOGEUSD on TradingView.com

It is seeing resistance at the $0.075 level, which is currently a hindrance to any rally the coin might attempt. On the flip side, the trading volume of DOGE looks healthy at $163 million at a time when most cryptocurrencies are trending downward.

Related Reading: Bitcoin Pizza Day: The World’s Most Expensive Pizza Is Now A Teenager

Taking these factors into consideration, it is unlikely that DOGE will move on its own from this point. The more likely outcome is that the meme coin follows the movement patterns of Bitcoin or a tweet from billionaire Elon Musk could also push the price higher.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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