sludgefeed.com
Despite the lingering bear market, Dogecoin (DOGE), a cryptocurrency based on a popular meme that boasts low-fee transactions and a scalable network, continues to see healthy network growth.
Based on research conducted by market analyst Kevin Rooke, Dogecoin currently has the third-highest daily active addresses, sitting firmly behind Bitcoin (BTC) and Ethereum (ETH).
Dogecoin is averaging more daily active addresses in December 2018 than December 2017.
Dogecoin also has more daily active addresses than all cryptocurrencies except Bitcoin and Ethereum.
Much users. Many adoption. 🐶 pic.twitter.com/cu7nAWHgGt
— Kevin Rooke (@kerooke) December 17, 2018
While growth has been relatively flat over the last 12 months, Dogecoin notably has had more active addresses in December 2018 than in December 2017.
Based on data from Coinmetrics.io, active addresses peaked earlier this year at around 190,000, which aligns with the peak hype surrounding the demo for “Dogethereum,” an experimental effort to bring dogecoin to the Ethereum blockchain, enabling the use of Dogecoin with Ethereum smart contracts through a new DOGE-backed Ethereum token.
As of Monday, the network had roughly 87,000 active addresses (72,955 on Sunday), up from 71,000 a year ago. This total places Dogecoin behind only Bitcoin’s 536,000 and Ethereum’s 235,000 active addresses.
DOGE is currently up 1.1% over the last 24 hours to $0.002505, giving the coin a $294.19 million market cap and making it the 22nd largest cryptocurrency.