Dogecoin(DOGE), an altcoin which was almost ridiculed in crypto space. Critics made fun of the digital coin which is based on the Doge meme in the recent past.
However, analysts assert that Doge and its constituents are not something to be taken lightly. On the contrary, the project, co-founded by Jackson Palmer and Billy Markus, should be a model cryptocurrency network.
Kevin Rooke, a cryptocurrency researcher with a strong liking for the internet’s favorite meme currency, recently took to Twitter to headline the fact that the asset’s underlying infrastructure has lasted the test of time.
Rooke, referring to data from Messari’s OnChainFX noted that Dogecoin is third only to Bitcoin and Ethereum in terms of daily active addresses. Dogecoin had 72,955 addresses while Bitcoin boasted 536,738 active addresses and Ethereum garnered 235,004.
To give a sense of achievement, another popular altcoin Tron had only 21,255 addresses. It is encouraging to note that Dogecoin is doing well despite the current market downturn.
Dogecoin’s address count is higher than last year’s average. DOGE is widely used for micropayments, community tipping, rapid/censorship-resistant, and immutable transactions.
However, the supposed ‘underdog’ digital coin DOGE does not stop here. It was recorded that DOGE outperformed Ethereum in terms of daily trading volume, transacting in 264 million U.S. dollars as against 163 million U.S. dollars transacted by Ethereum.
Rooke also surprised the crypto community with another statistical tidbit. He said that the transactional output of DOGE is almost 3 times that of Bitcoin Cash and 8 times that of Litecoin.
Substantiating on these data, Rooke said
“Dogecoin may have started as a joke, but their community is now the envy of the crypto world.”. Perhaps, Rooke’s vision is to inform the users never to underestimate the power of any digital coin.
There is another great news for Dogecoin ‘HODLers’. They can use their DOGE as collateral for loans when using the popular Salt Lending platform(SALT). Salt Lending issued a Medium post to highlight their deal.
Commenting on why it added the asset, SALT noted “Dogecoin has a rich history and incredible support from its community. These factors make it not only a viable asset to loan against, but an obvious collateral choice for SALT.”