As a crypto investor with some experience under my belt, I’ve been keeping a close eye on the active addresses metric for various top cryptocurrencies, including Dogecoin (DOGE) and Shiba Inu (SHIB). Based on the latest data from IntoTheBlock’s market intelligence platform, it seems that DOGE and SHIB are lagging behind in terms of daily active users compared to other coins like Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX).
Let’s explore how the number of active addresses for Dogecoin (DOGE) and Shiba Inu (SHIB) compares to other leading cryptocurrencies.
Dogecoin & Shiba Inu Compared Against The Others In Active User Count
On X’s latest update, market intelligence provider IntoTheBlock unveiled a visually engaging infographic detailing each leading cryptocurrency’s standing in terms of daily active addresses.
An address becomes “engaged” or “involved” in an action when it participates in a financial transaction, with both the sender and receiver participating temporarily during the exchange.
The number of distinct addresses with transactions on a given day can be equated to the number of active users on the blockchain network. Consequently, this metric’s value serves as an indicator of heavy network usage.
The chart below shows this indicator’s current value for some of the top assets in the sector.
It’s clear from the data that Dogecoin falls right in the middle of this list, boasting 56,980 active addresses every day. On the other hand, Shiba Inu trails significantly behind, occupying the second to last spot on the list with only 6,770 daily active addresses.
Among DOGE, Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX), the latter three have significantly higher values. Notably, Tron (TRX) stands out with an impressive 2.26 million-unit activity level, which is nearly five times greater than Bitcoin’s second-highest tally.
As a crypto investor, I’ve noticed an intriguing trend: TRX boasts a significant number of daily active users compared to other leading cryptocurrencies. This implies that the preference for blockchain transactions in the TRX community is stronger than with some other coins on my list.
Some users under the X post have inquired about the absence of Solana (SOL) on IntoTheBlock’s list. The explanation given by the analytics company is that their current tools do not include compatibility with the Solana network.
Despite the observation by IntoTheBlock that there are reports suggesting a daily active address count of approximately 1.5 million for Solana, it is important to note that this figure surpasses Bitcoin’s current user base by nearly threefold. Consequently, if these numbers hold true, Solana would rank as the second most widely used cryptocurrency, pushing back both TRX and Dogecoin in the process.
The significant indicator value for the SOL network implies that a considerable number of users prefer cryptocurrency as an favored choice for engaging in blockchain-associated activities.
Although memcoins have gained favor among investors and boosted their market value, they still lag behind in network metrics such as this particular one.
DOGE Price
The value of Dogecoin has dropped to $0.157, marking a decline of over 3% within the past day.
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2024-06-01 07:11