The data shows a large gap between rich and poor in the Dogecoin market

DOGE continued its attack on the crypto market cap yesterday. This coin meme surpassed XRP to become the fourth largest cryptocurrency by potential market cap after climbing to a valuation of $ 0.69 – a target that was specifically set by traders on the media. social media.

Relatively few people are moving large amounts of DOGE.

DOGE / USD 1 day | Source: Tradingview

But this latest crypto media wave may not be as sane as one might think. For all the hype surrounding Dogecoin (and its guru Elon Musk), publicly available data shows that relatively few people are actually using the blockchain, and those who use it take up a bit of the pole. Great period in overall performance.

According to statistics, the dollar value of coins deposited via the Dogecoin blockchain on Tuesday exceeded $ 58 billion. That is 70% higher than the amount transferred on Bitcoin ($ 34 billion) and 260% higher than ETH ($ 16 billion).

Going deeper into on-chain data, even though DOGE moves coin value higher than the two largest cryptocurrencies in the world, it has achieved this with only a fraction of the transactions.

According to data from Bitinfocharts, more than 1.4 million transactions were counted on the Ethereum blockchain on May 4, while nearly 300,000 transactions were counted on Bitcoin. Compare this to just 76,000 transactions recorded on the Dogecoin blockchain and a clear gap between rich and poor is starting to emerge.

Indeed, considering the average transaction value of DOGE on May 4, it was almost twice as high as the value recorded on Bitcoin. The average DOGE transaction value is $ 800,000, compared to $ 420,000 on BTC. Statistics related to ETH paint an even more dire picture – DOGE’s average transaction value is 8,000% more than ETH, despite only processing 5% of the number of transactions.

Combined with the long-standing fact that a single address holds 28% of all coins in existence, while only 12 accounts for 67%, it is clear DOGE is not the champion that everyone can. completely put your faith in.

A recently published report by Galaxy Digital outlined inadequacies regarding DOGE’s overall lack of authenticity as a true cryptocurrency project. Titled “Dogecoin: The Most Honest Sh * tcoin,” the report stressed Dogecoin’s GitHub repository (where developers recorded updates to the blockchain’s code) had not been touched since. 2017. Furthermore, the number of fully synchronized nodes (the computer running a copy of the Dogecoin blockchain) only accounts for 26% of the total number of nodes, indicating very few people are willing to attempt to maintain the network security of the blockchain. .

But even when the DOGE community may seem like a ghost town, it is clear that DOGE is still the best performing digital asset in the crypto space. The coin has recorded 14,000% growth since January 1, when it was undervalued.

Both DOGE’s seemingly absurd merit and responsibility for promoting promotion seems to be attributed to “DOGE’s Godfather” Elon Musk, who was delighted to post DOGE memes to his 52 million followers. Twitter throughout most of 2021.

However, it’s also worth noting that the recent high of $ 0.69 is the same price target set by Reddit traders that aim to artificially boost DOGE value. The price was originally intended to be reached on April 20. But DOGE only hit $ 0.42 at the time. Now, more than 2 weeks later, it finally reaches its target. The latest price level that traders pursue is $ 1.

If more evidence is needed that markets aren’t always plausible, look no further than this year’s GameStop price boost, with the share price of a dying brand rising more than 9,000%.

The Galaxy Digital report states:

“Dogecoin is always a joke and the joke is becoming more and more humorous.”

The report’s author and head of company-wide research at Galaxy Digital Alex Thorn praised DOGE and stated that it has not been “polished up”, noting that the coin’s fortunes are not tied to announcements. developer platform or promise and its sole goal is to induce reactions.

Thorn concluded:

“Dogecoin’s longevity is guaranteed as long as there is one obvious fact: people love a good joke.”

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