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06/01/2024

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Dogecoin & Shiba Inu: Comparing Daily Users with Top Cryptocurrencies

Here’s a comparison of Dogecoin (DOGE) and Shiba Inu (SHIB) with the top cryptocurrencies based on the number of “active addresses.”Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On ...

Dogecoin & Shiba Inu: Comparing Daily Users with Top Cryptocurrencies

Here’s a comparison of Dogecoin (DOGE) and Shiba Inu (SHIB) with the top cryptocurrencies based on the number of “active addresses.”

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In a recent post on X, the market intelligence platform IntoTheBlock shared an infographic showing the current rankings of top cryptocurrencies based on the daily number of active addresses.

Dogecoin and Shiba Inu: Active Addresses Compared with Top Cryptocurrencies

An address is considered “active” when it participates in any transaction activity, meaning both the sender and receiver become active during the transaction.

The unique number of active addresses can be seen as the daily number of users on the network. This metric helps indicate whether the blockchain is experiencing high traffic.

The chart below shows the current value of this indicator for some of the top assets in the cryptocurrency sector.

Looks like Tron is at the top of the list at the moment | Source: IntoTheBlock on X

Dogecoin is positioned in the middle of this list, with 56,980 active addresses daily. In contrast, Shiba Inu has significantly fewer daily users, ranking second last with 6,770 active addresses.

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Network Activity Comparison of Top Cryptocurrencies

Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX) all surpass Dogecoin (DOGE) by a significant margin in terms of active addresses. Notably, TRX stands out as the most active network on the list, with a metric value of 2.26 million, four times higher than BTC.

TRX’s high daily active user count suggests a strong preference for blockchain transactions compared to other top cryptocurrencies.

Regarding Solana (SOL), some users questioned why it wasn’t included in the analysis by IntoTheBlock. The analytics firm explained that their tools currently do not support the SOL network. However, data from another source indicates a daily active address count of 1.5 million for Solana, triple that of Bitcoin. This would rank SOL second after TRX and push DOGE and SHIB further down.

The substantial indicator value for the SOL network indicates its popularity among users for blockchain activities.

Despite the popularity and market cap growth of memecoins like Dogecoin and Shiba Inu, they still lag behind in network-related metrics such as active addresses.

Dogecoin Price Update

Dogecoin’s price has dropped to $0.157, marking a decrease of over 3% in the past 24 hours.

Source: DOGEUSD on TradingView

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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