How The Memecoins Rank In Daily Users
Here’s how Dogecoin (DOGE) and Shiba Inu (SHIB) compare against the top coins in the cryptocurrency sector in terms of the “active addresses.”
Dogecoin & Shiba Inu Compared Against The Others In Active User Count
In a new post on X, the market intelligence platform IntoTheBlock shared an infographic that reveals where the various top cryptocurrencies in the market currently stand based on the daily number of active addresses.
An address is said to be “active” when it gets involved in some sort of transaction activity. The receiver and the sender in a transfer become active for the moment of the transaction.
The unique number of active addresses may be considered the same as the daily number of users on the network. As such, the metric’s value can tell us whether the blockchain is currently observing high traffic.
The chart below shows this indicator’s current value for some of the top assets in the sector.
Looks like Tron is at the top of the list at the moment | Source: IntoTheBlock on X
As is visible, Dogecoin is smack in the middle of this list, with 56,980 active addresses daily. However, Shiba Inu has much fewer daily users right now, as it’s second last on the list with 6,770 active addresses.
Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX) are all above DOGE and by quite a distance as well. Interestingly, TRX is by far the most active network on the list currently, as its 2.26 million value for the metric is 4 times that of the next best, BTC.
TRX’s large daily active user count suggests that blockchain transactions are more preferred than the other top cryptocurrencies on the list.
Under the X post, some users have asked IntoTheBlock why Solana (SOL) is missing from the list. According to the analytics firm, the reason is that their tools don’t support the SOL network.
Nonetheless, IntoTheBlock has noted that data from another source implies a daily active address count of 1.5 million for Solana. With triple the active users of Bitcoin, this would put the coin second under TRX and peg Dogecoin and Shiba Inu down another spot.
Naturally, the large value of the indicator for the SOL network would suggest that cryptocurrency is also a highly popular option among users for blockchain-related activities.
It would appear that although the memecoins have been able to find popularity among investors and push their market cap up, they are still yet to catch up in terms of network-related metrics like this one.
DOGE Price
Dogecoin is now down to $0.157 after having witnessed its price go through a drawdown of more than 3% in the past 24 hours.
The price of the coin appears to have been going down over the last few days | Source: DOGEUSD on TradingView
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com
