Despite being one of the smallest projects by market cap, Dogecoin’s network activity has recently exploded, surpassing both Bitcoin and Ethereum when measuring daily active addresses. This jump represents an increased interest and adoption of the meme-backed cryptocurrency. The data points to a marked increase in on-chain metrics, indicating the possibility of a far-reaching adoption of Dogecoin.
Daily active addresses on the Dogecoin network spiked by an astonishing 34.91% to 157,190. This massive jump eclipses the combined increases of both bitcoin and ethereum, the top two coins by market cap. Though Ethereum did experience a slight increase of 1.39% in daily active addresses, Bitcoin’s was larger at 3.75%.
Conversely to the spike in Dogecoin activity, we see negative Bitcoin and Ethereum large transaction volume trend lines. Ethereum’s big transactions dropped by 6.64%, down to $9.97 billion. Bitcoin’s large transactions experienced an even greater decline, clocking in at 16.06% to close at $56.06 billion.
It’s possible that the increase in Dogecoin’s network activity is due to several different factors. The social media feed is blowing up. Celebrity endorsements combined with increasing acceptance of Dogecoin as a means of payment are propelling this spike. The cryptocurrency community is still keenly interested in its progress.
