Data shows the main wealth gap of Dogecoin

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Wednesday is the afternoon of Governor’s Day again, and it is also called Dogecoin (Dog) Continue to attack the cryptocurrency market value rankings.Meme coin overspending XRP After the implied market value climbed to $0.69 per coin, it became the fourth largest cryptocurrency. This goal is specifically set by traders on social media.

However, the latest media patrons of cryptocurrency may not be as healthy as they seem.For all the hype around Dogecoin (and its De facto master(Elon Musk) public data shows that very few people are actually using the blockchain, and the people who use the blockchain account for a large part of the entire blockchain activity.

Consider the dollar value of the coin Send across The Dogecoin blockchain exceeded $58 billion on Tuesday. This figure is 70% more than Bitcoin ($34 billion) and 260% more than Ethereum ($16 billion).

Further studying the data on the chain, we see that although the value of the coins moved by Dogecoin is higher than the two largest cryptocurrencies in the world, it achieves this goal with only a small portion of its transactions.

According to yesterday’s data, there are more than 1.4 million transactions on the Ethereum blockchain data From Bitinfocharts, and nearly 300,000 are counted on Bitcoin. In contrast, only 76,000 are recorded on the Dogecoin blockchain, and a clear gap between the rich and the poor is beginning to appear.

Indeed, when we look at the average transaction value of Dogecoin on the day in question, it is almost twice the value recorded by Bitcoin (Bitcoin). The average transaction value of DOGE is US$800,000, while BTC is US$420,000.its Statistical data Compared to Ethereum, the situation is worse-the average transaction volume of Dogecoin is 8,000% higher than Ethereum, even though only 5% of the transaction volume is processed.

Combining the long-standing fact that one address owns 28% of all existing coins, and only 12 accounts for 67%, it is clear that Dogecoin is not a supporter of people who can convince stakeholders to convince the public.

A report recently released by Galaxy Digital accumulates the tragic experience of Dogecoin’s general lack of authenticity as a real cryptocurrency project. The title is “Dogecoin: The Most Honest Sh*tcoin”, report Since 2017, Dogecoin’s GitHub repository (the developer records updates to the blockchain code) has not received attention. In addition, the number of fully synchronized nodes (computers running a copy of the Dogecoin blockchain) accounts for only 26% of the total storage. The overall number of nodes indicates that few people are willing to work hard to maintain the network security of the blockchain.

However, even if the Governor’s Mansion looks like a ghost town, the obvious fact is that the Governor’s Coin is the best performing digital asset in the cryptocurrency field. Since January 1, the price of the token has only increased by less than a cent, achieving a 14,000% increase.

The governor’s seemingly irrational rise is both commendable and blameworthy Has been placed in “godfather“He himself, Elon Musk, is very happy, he has posted the Doge meme to his 52 million followers on Twitter for most of 2021.

However, it should also be noted that the token’s recent peak of $0.69 is the same as the target price set by Reddit traders, which is intended to artificially increase the valuation of DOGE. It was originally intended to reach the price point on April 20-a joke on top of the 4/20 day joke. Dogecoin only reached a price of $0.420 (prosperity) at the time, but now, after a little over two weeks, it finally achieved its long-term goal. The final price point pursued by traders is $1.

If more evidence is needed to show that the market is not always rational, then look at the market this year. GameStop pump, The share price of the near-dead brand rose by more than 9,000%.

Galaxy Digital reports: “Dogecoin has always been a joke, and this joke is getting more and more interesting.” The report’s author and Galaxy Digital’s head of corporate research, Alex Thorn, praised Dogecoin’s Hypocritical, and pointed out that the fate of the coin has nothing to do with the statement of the foundation or the promise of the developer, and its sole purpose is to arouse people’s response.

“As long as a certain kind of authenticity is maintained, people can ensure the longevity of Dogecoin: people like to make jokes,” Thorn concluded.