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Dogecoin (DOGE) sees the use of stars in the Crypto Bears market
Dogecoin (DOGE) is often portrayed as a "joke" in the cryptosphere, since the good itself is based on the former doge meme. Still, many diehards and analysts have said that DOGE and its components are not funny. Instead, the project, co-founded by Jackson Palmer and Billy Markus, should be a model cryptocurrency network, as it remains an actively used network, even during the market crisis of 2018.
Kevin Rooke, a Canadian cryptocurrency researcher with a weakness for the Internet's favorite meme currency, recently took on Twitter to accentuate the fact that the underlying network of the asset has lasted over time.
Dogecoin has an average of several daily active addresses in December 2018 compared to December 2017.
Dogecoin also has more daily active addresses than all cryptocurrencies except Bitcoin and Ethereum.
Many users Many adoptions. 🐶 pic.twitter.com/cu7nAWHgGt
– Kevin Rooke (@kerooke) December 17, 2018
Rooke, citing the data of OnChainFX by Messari, noted that Dogecoin is third only for Bitcoin and Ethereum in terms of daily active addresses, equal to 72,955 in the past day. To give this figure a much-needed perspective, Bitcoin urges 536,738 active addresses and Ethereum has 235,004, while Tron, for example, has a value of 21,255.
The scrambled Canadian also noted that the current Dogecoin active address count is above the average for December 2017, indicating that the use of DOGE in micropayments, community tipping and rapid transactions, resistant to censorship and unchanging remain a promising offer in the eyes of crypto users. This is only the tip of the iceberg, however, as Dogecoin outperformed in terms of transactional value of 24 hours. Over the course of the day, the network carried out transactions worth $ 264 million through 29,949 transactions, according to sales of $ 163 million of Ethereum.
This is not the time when Rooke drew attention to the value of Dogecoin as a network. In September, the commentator provided an interesting research on his small but dedicated, followed by Twitter. At that time, he praised the transactional throughput of Dogecoin, which was 3 times that of Bitcoin Cash, 8x Litecoin, 13x Dash, 35x Decred and 41x Bitcoin Gold.
Speaking of these statistics, which were at first glance, Rooke wrote:
Dogecoin could have started out as a joke, but their community is now the envy of the cryptic world.
Shibes Rejoice!
Dogecoin "HODLers" also had other reasons to be bullish. As reported by Ethereum World News earlier, as of the end of October, users of the popular salt loan platform will be able to put their DOGE as collateral for the loans. Elaborating this interesting topic, Salt Lending, or SALT for short, issued a medium post to highlight what this move involves.
Dogecoin will now be a collateral option alongside BTC, ETH and LTC. By inserting one of the aforementioned four cryptographic assets, qualified users of the platform can "exploit their digital assets" to gain access to US dollar loans. It is important to note that SALT allows users of its platform to combine the four activities as a guarantee, which allows a wide range of flexibility.
Posting a comment on why he added the resource, the start of fintech noted:
Dogecoin has a rich history and incredible support from its community, is widely negotiated, offers high liquidity and is built using the Bitcoin code base – all factors that make it not only a viable resource to finance, but a choice collateral evident for SALT.
At the time of writing this article, in the midst of a recovery in the market, DOGE recorded a gain of 1.4%, which follows a day of 20% seen Monday. The value of the assets is currently equal to $ 0.002591, still down by 87% compared to its historical maximum of only $ 0.02.
Shiba Inu Title Image Courtesy of Christal Yuen on Unsplash
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