Dogecoin [DOGE] started off as a joke but ended up being the 21st largest Cryptocurrency with one of the most active networks in Crypto. The cryptocurrency has the most number of active addresses after Bitcoin [BTC] and Ethereum [ETH].
Kevin Rooke, a Crypto analyst posted his findings on Twitter. In his tweet, Kevin points out that Dogecoin has more active addresses than all other other cryptocurrencies, apart from Bitcoin and Ethereum.
“Dogecoin is averaging more daily active addresses in December 2018 than December 2017. Dogecoin also has more daily active addresses than all cryptocurrencies except Bitcoin and Ethereum. Much users. Many adoption.”
According to OnchainFX, a cryptocurrency market analysis company, Dogecoin has had over 72,955 active addresses which is third only to Bitcoin’s 536,378, and Ethereum’s 235,000 active addresses in the past 24 hours. Litecoin that has around 71,000 active address. XRP and Tron both have only had less than 30,000 active addresses.
With a closer look at the data from Coinmetrics.io, it is evident that Dogecoin has more active addresses now than in December last year during the speculative mania. Over the past day, the network has transacted over $260 Million worth of value outperforming Ethereum’s $163 Million
Blockmanity previously reported that most of Dogecoin’s volume (over 95%) comes from onchain transactions rather than exchange activity. This goes to show that DOGE is used for its real utility rather than speculation by traders on exchanges.
Dogecoin recently celebrated its fifth year of existence. The meme coin has found its utility in America’s tipping economy as it is ideal for microtransactions, DOGE has also been used for raising funds for charity and has a thriving community.
Dogecoin’s market cap has relatively been stable in this bear market. In the past 4 weeks, time period Dogecoin’s market cap has been ranging between $240 million & $270 million. Dogecoin is currently, the 21st biggest cryptocurrency in terms of market capitalization.
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