Billy Markus, the co-founder of the world’s popular meme cryptocurrency, has provided on-chain data from way back in 2014 to provide insights into the early performance of Dogecoin.
The data provided by the Dogecoin co-creator shows how Dogecoin performed and dominates the crypto industry more than the first cryptocurrency, Bitcoin. According to the data, the number of daily transactions done on the DOGE network surpasses Bitcoin’s during the period in question.
The data shows that in 2016, Dogecoin recorded nearly 100,000 transactions daily on the on-chain platform, with Bitcoin recording fewer. Markus further remarked that he hopes to see DOGE have the same dominance over Bitcoin in the future.
Current Performance
Over the years, Bitcoin has been the dominant digital currency in the market and has consolidated its dominance over Dogecoin, Ethereum, and others. Currently, Bitcoin processes way more than 220,000 daily transactions compared to Dogecoin, with less than 25,000 transactions per day.
However, the wide differences in performances in 2014 resulted from the huge popularity of meme coins in the crypto industry. It was the first and most widely known digital currency with no equal competitor.
Fast forward to 2022, and its popularity has dropped drastically with the proliferation of meme-themed digital tokens making inroads into the blockchain industry. At present, Dogecoin’s direct rival is still Shiba Inu, which enjoyed explosive growth in the industry last year.
The SHIB token has dragged and is still dragging the DOGE in the market in terms of valuation and transaction activity, evidenced by the number of times it has recorded an exponential increase in price over its rival.
Market Concentration
The vast majority of the trade volume and purchasing power of Dogecoin lies in the hands of investors and small scale retail traders, and the emergence of a competitor like Shiba Inu took a substantial part of the popularity away from Dogecoin.
Many retailers now choose to go with other meme tokens like the SHIB, while the price of the DOGE is consistently pushed upward by multi-billion dollar companies like Tesla. The latter has already begun accepting Dogecoin as payment for their products and services.
Several other companies, like the American dish-powered TV streaming service provider, Sling TV, the Dubai-based fast food restaurant, DOGE Burger, and many other businesses, have all begun accepting payment in Dogecoin.
Through his numerous antics on Twitter, Elon Musk has aroused people’s interest in the first meme coin by posting several meme-related images and text on his page and engaging businesses like McDonald’s about accepting DOGE for payment.
Additionally, the billionaire recently revealed that both of his companies, SpaceX and Starlink, would soon accept DOGE as payment in the future.
Dogecoin appears to enjoy and is still enjoying the support of Musk and also a robust community who are passionate about the success of the first meme cryptocurrency.
The performance of the two major meme tokens in the market would determine the best among them and their consistency.
