Assessing if ‘Dogecoin is a significantly better cryptocurrency than Bitcoin’
Two Doges are in a heated argument.
“A whale a day keeps the bears away”, said the first Doge.
“How so?”, the Second Doge asks. “Although, it was reported that in the last 24 hours, the Dogecoin (DOGE) was one of the most used smart contracts among the top 500 BSC whales. I am not convinced your position is accurate”
“How about we take a look at the data from the chain?”
The meme coin in the last 24 hours
It was reported, that DOGE was amongst the most used smart contracts among the top 500 BSC whales within the last 24 hours of 29 April. However, following the massive bullish run that occurred after Elon Musk’s purchase of the social media giant, Twitter, it appeared that a price retracement was underway.
Disappointing its scalpers, within the last 24 hours, the DOGE shed over 3% of its price and stood at $0.1362 at the time of this writing. At a market capitalization of $18b, the trading volume for the coin also declined by 15% within the last 24 hours.
Similarly, in the last two days, transaction volume for the DOGE embarked on a steady decline. Standing at 231.4m at the time of this writing, the coin shed 10% of its transaction volume between 28 and 29 April.
What Whales are doing?
The last two days were marked with a spike in Whale transaction count for transactions over $100k. Standing at 70 at the time of this press, the DOGE recorded a 27% increase from 387 to 494 in the last two days.
However, for transactions over $1m, the Whale transaction count within the same period declined by 8% from 25 to 23.
On a Social Front…
Standing at 509 at the press time, the DOGE recorded a 45% decline in its social volume in the last 2 days. Social Dominance within the same period also embarked on a downward trend- recording 5.77% as of 28 April. At the time of this press, the Social Dominance for the token stood at 2.409%
Furthermore, increased network activity was recorded on the DOGE network in the last days. On a 24-hour window, the number of active addresses that interacted with the meme coin moved from 126.63k on 28 April to 131.18k on 29 April.
At the time of this writing, this metric stood at 128k already closing in on yesterday’s figure.
Curiously, Roger Ver, an early investor in Bitcoin, in a recent interview stated that Doge is a significantly better cryptocurrency than Bitcoin with over a 90% disparity in their market capitalization.
However, the above-mentioned analysis based on the metrics clearly suggests that this postulation might be far from accurate.