Dogecoin Has More Active Addresses than Ethereum and XRP

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On Feb 23, 2019 (7:21 PM EST), Dogecoin (DOGE) was ranked as having the sixth highest number of active addresses compared to all other cryptoassets listed on Messari. Active addresses measure the number of unique senders and receivers in a given day— of which Dogecoin had 60,500.

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With 739,327 active address, Bitcoin (BTC) was ranked with the highest number of active addresses. Ethereum (ETH) came in second with just over 200,000. Trailing behind in the top five were Dash (DASH), Dogecoin (DOGE), and EOS (EOS), all of which had less than 100,00 active addresses. Furthermore, there are only 24 listed as having more than 1,000 or more addresses actively sending or receiving coins or tokens in the last 24 hours.

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Just a Joke?

In early Dec 2013, Dogecoin was released as what some have described as a ‘joke cryptocurrency.’ Earlier in the same year, the now infamous Doge meme emerged on the internet. A cult following has developed around the cryptocurrency, as the Dogecoin logo features a similarly appearing Shiba Inu.

[bctt tweet=”There are only 24 cryptoassets listed as having more than 1,000 or more addresses actively sending or receiving coins or tokens in the last 24 hours.” username=”beincrypto”]

Dogecoin may appear like a joke, but it is actually one of the earliest cryptocurrencies to grab the attention of an international audience. In 2014, Dogecoin raised thousands of dollars for the Jamaican Bobsled team at the Sochi Olympics. It also helped support the building of a well in Kenya as part of World Water Day on Mar 22, 2014. Interest in the cryptocurrency continued spreading over the next several years with Vitalik Buterin admitting holdings of Dogecoin on Reddit on Feb 18, 2019.

Key Metrics

Active addresses are just one of many variables which can be used to assess the value of a cryptocurrency. It offers insights into how many unique users there are on a given day. Using this variable, it appears that Dogecoin’s performance is much more than a joke.

Even if it is still worth less than $0.02, a lot of people are using the cryptocurrency. Variables beyond price and market cap alone will be important to assess the overall value of cryptoassets in the future.

What are your thoughts about Dogecoin? Is it just a joke or a cryptocurrency to take seriously? Let us know your opinions in the comments below!


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Global AI, Data Science, and Blockchain expert. Alexander writes for BeInCrypto where he completes technical analyses of various alt-coins and qualitative commentary and analysis about various cryptoassets and their potential for social integration.

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