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Relatively few hands are moving huge amounts of DOGE.

Relatively few hands are moving huge amounts of DOGE.

Dogecoin continues its assault on the cryptocurrency market cap ratings. So naturally, therefore, Wednesday was a DOGE day afternoon all over again. The meme coin successfully overtook XRP and became the fourth largest cryptocurrency.

Public hype

Though there is a lot of public hype surrounding Dogecoin, the data available suggests that a relatively few numbers of people are using this blockchain. Moreover, they are a substantial portion of its overall activity.

Dollar value

The dollar value of the coins sent across the Dogecoin blockchain on May 4th exceeded $58 billion. This figure is 70% higher than the amount transferred on Bitcoin ($34 billion) and 60% higher than Ethereum ($16 billion).

Average transaction value

When we look at Dogecoin’s average transaction value, it stands almost double to Bitcoin. Moreover, the average transaction value of DOGE stands at $800,000 when compared to $420,000 on BTC. Thus, Dogecoin’s average transaction value exceeded Ethereum by 8,000% despite processing only 5% of the total number of transactions.

According to Galaxy digital report, Dogecoin has always been a joke which further keeps getting funnier. Thorn ended this by stating that Dogecoin’s longevity remains as long as one truism remains and people always love good jokes. Alex Thorn also praised Dogecoin for its lack of pretense.

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