Assessing Whether “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.

” What do you mean ? asks the Second Doge. “Although it was reported that in the last 24 hours, Dogecoin (DOGE) was one of the most used smart contracts among the top 500 BSC whales. I am not convinced that your position is correct”

“How about we look at the channel data? »

The part even in the last 24 hours

It was reported, that DOGE was among the most used smart contracts among the top 500 BSC whales in the last 24 hours of April 29. However, following the massive bull run that occurred after Elon Musk’s purchase of social media giant Twitter, it appeared that a price retracement was underway.

Disappointing its scalpers, in the last 24 hours DOGE has lost over 3% of its price and stood at $0.1362 at the time of this writing. With a market capitalization of $18 billion, the coin’s trading volume has also decreased by 15% in the last 24 hours.

Likewise, over the past couple of days, the trading volume for DOGE has started a steady decline. Standing at 231.4 million at the time of this writing, the coin lost 10% of its trading volume between April 28 and April 29.

Source: Santiment

What do whales do?

The past two days have seen a spike in the number of Whale trades for trades above $100,000. Standing at 70 at the time of this press, DOGE has seen a 27% increase from 387 to 494 over the past two days.

However, for deals over $1 million, the number of Whale deals over the same period decreased by 8%, from 25 to 23.

Dogecoin DOGE 08.33.54 30 Apr 2022

Source: Santiment

On a social front…

At 509 at press time, DOGE saw a 45% decline in social volume over the past 2 days. Social dominance over the same period also started a downward trend, registering 5.77% as of April 28. At the time of this press, the social dominance of the token stands at 2.409%

Dogecoin DOGE 08.44.47 30 Apr 2022

Source: Santiment

Additionally, increased network activity has been recorded on the DOGE Network over the past few days. Over a 24-hour window, the number of active addresses that interacted with the same coin increased from 126.63k on April 28 to 131.18k on April 29.

At the time of this writing, this metric stood at 128,000, already approaching yesterday’s figure.

Dogecoin DOGE 08.57.27 30 Apr 2022

Source: Santiment

Interestingly, Roger Ver, one of the early investors in Bitcoin, said in a recent interview that Doge is a significantly better cryptocurrency than Bitcoin with over 90% disparity in their market capitalization.

However, the aforementioned analysis based on the measurements clearly suggests that this assumption may be far from accurate.



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Assessing Whether “Dogecoin Is A Significantly Better Cryptocurrency Than Bitcoin”


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