Only whales move DOGE: Data suggests major Dogecoin wealth gap
Cointelegraph
Published May 05, 2021 06:10AM ET
Updated May 05, 2021 08:00AM ET
It was Doge day afternoon all over again on Wednesday as Dogecoin (DOGE) continued its assault on the cryptocurrency market capitalization rankings. The meme coin overtook XRP to become the fourth-largest cryptocurrency by implied market capitalization after climbing to a per-coin valuation of $0.69 — a target that was specifically set by traders on social media.
But cryptocurrency’s latest media darling may not be as wholesome as it seems. For all the hype surrounding Dogecoin (and its de facto master, Elon Musk), publicly available data suggests relatively few people are actually using the blockchain, and those who do use it account for an incredibly large portion of its overall activity.
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Written By: Cointelegraph
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