- Dogecoin records a significant 10.32% surge in daily active addresses, overshadowing Bitcoin, Cardano, and Ethereum.
- Dogecoin’s whale transactions over the past week exceed $1.18 billion, indicating a robust growth trajectory.
Dogecoin: The Dark Horse Making Waves in the Crypto Race
While Dogecoin (DOGE) originated as a playful meme coin, its current metrics speak to its growing influence and strength in the cryptocurrency world. Recent data from IntoTheBlock (ITB) has brought to light Dogecoin’s commendable performance, particularly when compared to crypto juggernauts such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).
A deep dive into the numbers reveals Dogecoin‘s exceptional growth in daily active addresses (DAA). At present, the coin has seen a robust 10.32% growth, reaching a total of 49,220 DAAs. Comparatively, while Bitcoin still leads the pack with a staggering 923,340 DAAs, its growth rate seems to be losing steam, registering only a 9.93% increase. Ethereum, although ahead in sheer numbers with 466,630 addresses, lags behind DOGE with a 5.07% growth rate.
Making Waves with Whale Transactions
Beyond just active addresses, Dogecoin’s prowess is further evident in its whale transactions. While Cardano‘s metrics remain stagnant, Dogecoin has reported transactions exceeding a whopping $1.18 billion in the past seven days. To offer perspective, Bitcoin and Ethereum have certainly recorded higher values at $23.39 billion and $2.25 billion, respectively. However, what’s astonishing is Dogecoin’s growth rate of 3.012%, especially when juxtaposed with Bitcoin and Ethereum‘s downturns of 12.29% and 17.2%.
Though Dogecoin has largely been perceived as the underdog, its sporadic gains have not gone unnoticed. It holds a unique position as the pioneer meme coin, granting it an intrinsic advantage in the crypto race. This “first-mover” status bestows upon it not just historical significance but also a distinct edge in the fiercely competitive market.
In terms of sheer numbers, Dogecoin currently trades at $0.05884. Yet, it’s not just its price that captures attention. Its commendable market capitalization of $8,323,214,781 ensures it retains its position as the ninth-largest cryptocurrency. This growth trajectory is particularly noteworthy given the competitive dynamics, especially as its nearest competitor teeters on the edge of vacating the top 20 slot.