It was Doge day afternoon all over again on Wednesday as Dogecoin (DOGE) continued its assault on the cryptocurrency market cap rankings. The meme coin overtook XRP (XRP) to become the fourth-largest cryptocurrency by implied market capitalization, after climbing to a per coin valuation of $0.69 — a target that was specifically set by traders on social media.
But cryptocurrency’s latest media darling may not be as wholesome as it seems. For all the hype surrounding Dogecoin (and its de facto master Elon Musk), publicly available data suggests a relatively few number of people are actually using the blockchain and those who are account for an incredibly large portion of its overall activity.
Consider that the dollar value of coins sent across the Dogecoin blockchain on May 4 exceeded $58 billion. That figure was 70% higher than the amount transferred on Bitcoin ($34 billion) and 260% higher than on Ethereum ($16 billion).
Digging into on-chain data further, we see that despite Dogecoin