Relatively few hands are moving a large amount of DOGE. It was Doge day afternoon all over again on Wednesday as Dogecoin (DOGE) continued its assault on the cryptocurrency market capitalization rankings. The meme coin overtook XRP to become the fourth-largest cryptocurrency by implied market capitalization after climbing to a per-coin valuation of $0.69 — a target that was specifically set by traders on social media.
Indeed, when looking at Dogecoin’s average transaction value on the day in question, it stood at almost double that recorded on Bitcoin (BTC). The average DOGE transaction value stood at $800,000, compared to $420,000 on BTC. Its statistics relative to Ethereum paint an even more dire picture — Dogecoin’s average transaction value exceeded Ethereum’s by 8,000%, despite processing only 5% of the number of transactions.
“Dogecoin has always been a joke, and the joke keeps getting funnier,” stated the Galaxy Digital report. Author of the report and head of firmwide research, noting that the coin’s fortunes weren’t tied to foundation announcements or developer promises and that its only goal was to elicit a reaction. “Dogecoin’s longevity is ensured so long as one truism remains: people love a good joke,” Thorn ended.