A Year of Shrinking Volume Dogecoin's trading activity has lost considerable ground over the past 12 months. According to data tracked by Artemis Analytics, $DOGE was regularly posting daily
Dogecoin's trading activity has lost considerable ground over the past 12 months. According to data tracked by Artemis Analytics, $DOGE was regularly posting daily exchange volumes of between $1 billion and $2 billion in November 2025. Fast-forward to October 2026, and that figure has roughly halved, with typical daily volumes now running between $500 million and $1 billion.
The trend has been consistent and hard to dismiss. Dogecoin's daily volume fell below $400 million after averaging more than $1 billion at the start of 2026, before partially recovering to the current range. Market data showed DOGE daily trading activity drop as low as $360 million to $380 million in mid-2026, down 64% from a start-of-year average above $1 billion a day.
There was one notable outlier. Dogecoin volume briefly surged to around $4.3 billion in late April as the token climbed above $0.10 and traders returned to large-cap meme coins, but the increase proved short-lived, with daily turnover retreating steadily through May and June.
The volume drop is not happening in isolation. In late 2025, Dogecoin's daily active addresses reached approximately 71,000. By mid-2026, network activity had roughly halved, sitting far below previous bull-market peaks. Fewer active users on-chain naturally translates into softer exchange turnover.
AI tokens and tokenized real-world assets have absorbed much of the remaining market attention, offering what Dogecoin structurally cannot: a revenue story and institutional participation tied to fundamentals. As that rotation widened, demand for legacy meme coins thinned out even in months when the broader market was recovering.
Traders have grown more cautious with meme tokens in general, favoring assets with clearer institutional signals. That shift in sentiment has weighed on $DOGE alongside the raw volume numbers.
Despite the decline, Dogecoin has not been written off entirely. DOGE has posted numerous 50%-plus drawdowns across its history and a decline of more than 90% after 2021, yet each time the token kept trading actively, stayed listed on every major exchange, and eventually saw renewed periods of strength. Whether this current lull follows the same pattern remains to be seen.
Data: Artemis Analytics
Sources:Artemis Analytics | Crypto Adventure: Dogecoin Trading Volume Falls 64% As 2026 Liquidity Fades | Bitunix: Is Dogecoin Dead? DOGE Price and 2026 Outlook
