Dogecoin (DOGE) sees a 10.32% surge in daily active addresses, outperforming Bitcoin, Ethereum, and Cardano. DOGE’s whale transactions exceed $1.18 billion, indicating strong growth.
- Dogecoin (DOGE) records an impressive 10.32% surge in daily active addresses, outperforming Bitcoin (BTC), Cardano (ADA), and Ethereum (ETH).
- Whale transactions in Dogecoin exceed $1.18 billion over the past week, signaling robust growth.
- DOGE’s first-mover status in the meme coin arena grants it a competitive edge in the cryptocurrency market.
- Despite being perceived as an underdog, Dogecoin maintains its position as the ninth-largest cryptocurrency with a market capitalization of $8.32 billion.
Dogecoin, initially born as a playful meme coin, is now making significant waves in the cryptocurrency sphere. Recent data from IntoTheBlock (ITB) highlights Dogecoin’s remarkable performance, particularly in comparison to industry giants like Bitcoin, Ethereum, and Cardano.
Making Big Waves
A deeper look into the numbers reveals that Dogecoin has experienced exceptional growth in its daily active addresses (DAA). Currently, the coin boasts 49,220 DAAs, showing an impressive 10.32% increase. While Bitcoin still leads with a substantial 923,340 DAAs, its growth rate appears to be tapering off at 9.93%. Ethereum, despite having 466,630 addresses, lags behind DOGE with a growth rate of 5.07%.
What truly sets Dogecoin apart is its remarkable whale transactions. Over the last seven days, Dogecoin has witnessed transactions exceeding a staggering $1.18 billion. To put this in perspective, Bitcoin and Ethereum have seen higher transaction values at $23.39 billion and $2.25 billion, respectively. However, Dogecoin’s growth rate of 3.012% is noteworthy, especially when compared to Bitcoin’s 12.29% and Ethereum’s 17.2% downturns.
While Dogecoin has often been considered the underdog, its sporadic gains have not gone unnoticed. As the pioneer meme coin, it enjoys a unique status in the crypto race. This “first-mover” advantage not only holds historical significance but also provides a competitive edge in the fiercely contested crypto market.
— Crypto Chiefs News (@CryptoChiefNews) October 19, 2023
In terms of price, Dogecoin currently trades at $0.05884. However, its significance extends beyond its price tag. With a market capitalization of $8,323,214,781, Dogecoin proudly maintains its position as the ninth-largest cryptocurrency. This growth trajectory is particularly remarkable in the face of stiff competition, especially as its closest competitor teeters on the brink of exiting the top 20.
Dogecoin’s surprising surge in daily active addresses and its notable presence in the whale transaction realm underscore its resilience and potential. Despite its origins as a meme, DOGE is proving its worth in the ever-evolving cryptocurrency landscape. Its first-mover advantage, coupled with consistent growth, positions it as a cryptocurrency to watch closely in the coming months.