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13 May 2021

Only whales move DOGE: Data suggests major Dogecoin wealth gap

Only whales move DOGE: Data suggests major Dogecoin wealth gap

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Consider that the dollar value of coins sent across the Dogecoin blockchain on May 4 exceeded $58 billion.

Digging into on-chain data further, we see that despite Dogecoin moving a higher value of coins than the two largest cryptocurrencies in the world, it achieved this with a mere fraction of their transactions.

Indeed, when looking at Dogecoin’s average transaction value on the day in question, it stood at almost double that recorded on Bitcoin.

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.

Author of the report, and head of firmwide research at Galaxy, Alex Thorn, did praise Dogecoin for its lack of pretense, 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

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