Dogecoin Transactions Dominated by Real World Usage Instead of Just Speculation
A Cryptocurrency once created as a joke by Jackson Palmer inspired by the Shiba meme is now one of the most used Cryptocurrencies with a market cap of over $270 Million.
Doesn’t seem like a joke now does it?
The term 1 DOGE= 1 DOGE is very popular in the Dogecoin community and is used often. They are not kidding when they are using this term because most of the activity on the Dogecoin network is around real usage and not just speculation.
Here are some stats of the Dogecoin:
- The total On chain asset exchange in Dogecoin on 21st November was over $716 Million (305 Billion DOGE).
- The market cap of Dogecoin on that day was around $270 Million which means the transaction volume is 265% that of the market cap.
- Out of the $716 Million in transaction volume, only $26 Million Worth of DOGE was traded on exchanges. The rest 96% of the volume was transacted outside of exchanges.
- The average transaction value was only $10 and the median transaction fee 1 DOGE ($0.0024).
To give you some context, Bitcoin Cash which is marketed as cash for the world moved $163 Million on the same day out of which $134 Million was traded on exchanges. This means that most of the value transfer happened either for speculation or market trading activities. And this is not unique to Bitcoin Cash, most of the Cryptocurrencies get most of their volumes from exchanges.
It is really convenient for payments as it takes only 5-6 seconds for a wallet to wallet transfer and the first confirmation is obtained in just a minute. It is very well suited for tipping purposes which is what it is used widely for.
Even though prices have taken quite a hit the transactions on the Dogecoin network don’t seem to decrease at all.
Products like DogePal are also helping DOGE gain more adoption as payment. The Doge Ethereum Bridge also currently remains in the Alpha stage, once it is built users will be able to seamlessly transfer DOGE to the Ethereum Blockchain and back.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Did you like the news you just read? Please leave a feedback to help us serve you better