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DOGE Greatly Surpasses BTC and ADA, Here's What's Happening

source-logo  u.today 28 November 2023 14:36, UTC

Santiment on-chain data vendor has published an X post to report that despite the recent successful attempts of Bitcoin to recover, it has been outpaced by the original meme cryptocurrency Dogecoin, which also left Cardano's native token, ADA, behind as this important metric of DOGE has surged.

DOGE leaves BTC and ADA behind

Santiment has reported that while Bitcoin is trying to recover, traders continue to take their profits off the table. Meanwhile, growth in existing Bitcoin wallets that contain more than zero BTC has ceased growing.

Cardano wallets are also dropping in number, the Santiment X post says; however, the winner here seems to be Dogecoin — DOGE wallets are surging in number at the moment, per data shared by Santiment.

The X post states that "drops are a sign of capitulation, often foreshadowing price jumps."

💸 #Bitcoin traders are profit taking, as growth in existing wallets with more than 0 $BTC has slowed. Meanwhile, #Dogecoin wallets are surging and #Cardano wallets are dropping in number. Drops are a sign of capitulation, often foreshadowing price jumps. https://t.co/YXdnA9vo4I pic.twitter.com/jF5VaWEL9n

— Santiment (@santimentfeed) November 27, 2023

Top Dogecoin developer warns DOGE army against this trap

Earlier this week, major Dogecoin development contributor known as Mishaboar on social media published a post on the X platform, where he issued a major warning to newbie DOGE investors (and not only to them).

Mishaboar warned them against sharing their private information and sending money to so-called "influencers" on various social media platforms, and especially to watch out for those scam artists on Telegram. The developer likened Telegram to hell in this particular case. He stated that these fake self-proclaimed influencers promise crypto holders access to closed Telegram channels in return for their donations/fees or personal data and emphasized that holders must not believe those promises and fall for sweet-sounding scam offers.

Mishaboar also pointed out that among these scammers there may be accounts with a large number of followers, and even have some popular X users among them. However, he said that having well-known X personalities among their followers does not necessarily mean these "influencers" are legitimate.

DOGE surpasses BTC and ETH by daily transactions

On Friday last week, and also during the weekend, Dogecoin saw a major spike in its daily transactions count — this metric surpassed one million daily transfers. It was the second largest spike this year; the previous one took place in the summer and constituted more than two million daily DOGE transfers. The current surge surpassed $100,000 in value. This way, DOGE surpassed BTC and ETH, again.

Some analysts relate this surge in meme coin transactions to the rising interest of whales and institutional investors. The aforementioned X post published by Santiment can sort of serve as confirmation of that.

However, the person who cofounded Dogecoin in 2013 and is now a pretty active X app user, Billy Markus, commented on an X post about the rise of DOGE transactions and stated that it was down to the use of Ordinals based on Dogecoin (they are known as Doginals) and altcoins — both are created on the DRC-20 token standard launched this summer on the DOGE chain.