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Dogecoin (DOGE) Outshines BTC, ADA and ETH in This Important Metric

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Wed, 18/10/2023 - 13:38
Dogecoin (DOGE) Outshines BTC, ADA and ETH in This Important Metric
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Dogecoin (DOGE) is not all bearish at the moment, as its performance in selected metrics is currently outshining that of Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH). Data from IntoTheBlock (ITB) reveals a 10.32% jump in daily active addresses (DAA) on Dogecoin. Besides this, the large transaction count is also relatively higher when compared to similar growth rates from the trio of Bitcoin, Ethereum and Cardano.

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To get the actual picture, a total of 49,220 daily active addresses were marked on Dogecoin at the time of writing. While Bitcoin boasts of daily active addresses worth 923,340, the rate of growth has plunged as low as 9.93%. Ethereum fared better than Bitcoin, jumping 5.07% to 466,630 addresses. Observably, Ethereum's rate trails behind that of DOGE.

On the whale transaction metric, Cardano has seen almost no changes overnight, while Dogecoin boasts of more than $1.18 billion over the trailing seven-day period.

Though the actual monetary value of the large transactions recorded by Bitcoin and Ethereum is larger than Dogecoin at $23.39 billion and $2.25 billion, the meme coin outshines both with a jump of 3.012% in relation to 12.29% and 17.2% slumps, respectively.

Implications for Dogecoin

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Dogecoin has played the underdog over the past few weeks with only a series of intermittent gains across the board. The influence of Dogecoin can only be maintained based on its ranking as the first meme coin in the industry, thus giving it the first mover advantage.

The current jump in the highlighted metrics is a testament that some activity remains innate for DOGE. Dogecoin is changing hands at a price of $0.05884 but has maintained its ranking as the ninth largest cryptocurrency based on its market cap of $8,323,214,781. This is a vital growth track, seeing as its closest rival is on the brink of losing its top 20 ranking recently.

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