Memecoins
How Memecoins rank among daily users
Here’s how Dogecoin (DOGE) and Shiba Inu (SHIB) compare to major coins in the cryptocurrency space in terms of “active addresses.”
Dogecoin and Shiba Inu compared to others in active user count
In a new one send on active addresses.
An address is said to be “active” when it is involved in some sort of transaction activity. The recipient and sender in a transfer become active at the time of the transaction.
The unique number of active addresses can be considered equal to the daily number of users on the network. Therefore, the value of the metric can tell us whether the blockchain is currently seeing high traffic.
The following graph shows the current value of this indicator for some of the main assets in the sector.
Looks like Tron is at the top of the list at the moment | Source: IntoTheBlock on X
As can be seen, Dogecoin is in the middle of this list, with 56,980 active addresses every day. However, Shiba Inu has far fewer daily users right now, as it is second to last on the list with 6,770 active addresses.
Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX) are all above DOGE and by some distance too. Interestingly, TRX is by far the most active network currently on the list, as its value of 2.26 million for the metric is 4 times that of the next best, BTC.
TRX’s large number of daily active users suggests that blockchain transactions are more preferred than the other major cryptocurrencies on the list.
Under post X, some users asked IntoTheBlock why Solana (SOL) is missing from the list. According to the analyst firm, the reason is that their tools do not support the SOL network.
However, IntoTheBlock noted that data from another source implies a daily active address count of 1.5 million for Solana. With triple the active users of Bitcoin, this would put the coin in second place below TRX and put Dogecoin and Shiba Inu in another place.
Of course, the high value of the indicator for the SOL network suggests that the cryptocurrency is also a very popular option among users for blockchain-related activities.
It would seem that although memecoins have been able to find popularity among investors and push them market capitalization abreast, they still have to catch up in terms of network-related metrics like this.
DOGE Price
Dogecoin has now fallen to $0.157 after seeing its price drop by more than 3% in the last 24 hours.
The price of the coin appears to have been going down over the last few days | Source: DOGEUSD on TradingView
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com