Only whales move DOGE: data suggest large wealth gap in Dogecoin
On Wednesday it was again Doge day afternoon as Dogecoin (DOGE) continued its attack on the cryptocurrency market cap ranking. The meme coin passed to become the fourth largest cryptocurrency by implied market cap after climbing to a valuation of $ 0.69 per coin – a goal specifically set by traders on social media.
But cryptocurrency’s newest media darling may not be as healthy as it seems. For all the hype about Dogecoin (and his de facto master, Elon Musk), publicly available data shows that relatively few people actually use the blockchain, and those who use it make up an incredibly large part of its overall activity.
Read more on Coin Telegraph
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