Dogecoin seems to be doing better than Bitcoin Cash (BCH) on every front except for speculation.
In the last 24 hours, Dogecoin has had more active addresses and transactions onchain than Bitcoin Cash (BCH). Data from OnchainFX shows that Dogecoin has had over thrice the number of active addresses than Bitcoin Cash (BCH).
Bitcoin (BTC) leads with over 640k active addresses followed by Ethereum and Dash. While Dogecoin is in the fourth position with almost 70k Bitcoin Cash (BCH) stands in the ninth position with just over 20k active addresses.
The data shown above is not an anomaly, Dogecoin has had more usage than Bitcoin Cash (BCH) as internet money for quite some time now. Other stats like the number of transactions or number of payments also suggest that Dogecoin is being used 3x-5x more than Bitcoin Cash in payments.
However, there is one metric in which Bitcoin Cash leads and that is speculation. The 24-hour trading volume from exchanges shows that Bitcoin Cash is being traded way more than Dogecoin. While BCH trading volume exceeded $390 Million Dogecoin’s trading volume is shy of $19 Million. The average transaction value for Bitcoin Cash is also a lot more than Dogecoin.
This goes to show that Bitcoin Cash is being used as a speculative instrument more than for payments whereas the opposite is true for Dogecoin. Google developer Allen Day analyzed the Bitcoin Cash Blockchain and concluded that it is not being used for what it was intended for, but instead hoarded by a few major whales.
Dogecoin is also beating Bitcoin Cash in popularity. According to google trends, Dogecoin is currently slightly more popular than Bitcoin Cash worldwide. (Red represents Dogecoin and Blue represents Bitcoin Cash)
While people speculate on Bitcoin Cash 1 DOGE will always remain 1 DOGE.
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