Dogecoin addresses soared 65% in profits as the price hit a five-month high. Cardano founder says Dogecoin (DOGE) finally has a use case. He also made an offer on DOGE. The DOGE inventor was quick to respond.
The number of Dogecoin addresses in the snow increased
As you follow on Kriptokoin.com, the Dogecoin price has seen its highest levels in several months. In this case, the number of addresses in the profit increased significantly. According to data from IntoTheBlock, dogecoin addresses in currency have increased from 48% to 65% of May lows. Dogecoin skyrocketed from $0.082 to $0.151 with a rally on October 29. Meanwhile, DOGE has been on the rise since October 25 after reports surfaced that Tesla CEO Elon Musk had nearly completed his Twitter deal.
Investors are calculating the probability that Dogecoin will be used as payment on social media after the successful conclusion of the Twitter deal. That’s why the DOGE bulls went crazy. The recent rise seemed beneficial for Dogecoin ‘hodlers’, who make up a larger portion of Dogecoin’s total addresses. IntoTheBlock says the addresses that have held Dogecoin for over a year are now 69%. 28% of addresses hold the asset for one year. Additionally, DOGE has been held by 3% of holders for less than a month.
Large transactions increased 111%
Large transaction spikes are often associated with increased activity from institutional players or whales. According to IntoTheBlock, these transactions have exceeded $100,000. Also, it’s up 111% in the last 24 hours for Dogecoin. According to Whale Alert, 44,485,413 DOGEs worth $5,771,679 have been moved to Coinbase. In addition, another 99,999,998 DOGEs worth $13,058,970 went to Binance. Also recently, 160,000,000 DOGE worth $21,187,444 was mixed between wallets.
Dogecoin inventor hit the ADA inventor hard!
The completion of Elon Musk’s Twitter purchase resulted in DOGE’s price increase of more than 100% in one week. The new ‘old’ hype around Dogecoin has not left anyone indifferent. Cardano founder Charles Hoskinson hastened to join the thread. He also suggested creating a new version of the original meme coin. He called it “ultra-fast DOGE post-quantum on Cardano.”
Interestingly, 80% of the votes were in favour. However, Billy Markus, nicknamed Shibetoshi Nakamoto, the creator of Dogecoin in particular, did not like Hoskinson’s proposal. According to Markus, the Cardano founder’s offer is hypocritical. Because he hated Dogecoin before. He even recorded a video in April 2021 calling DOGE extremely sternly a balloon.
Dogecoin finally has a use case. If elon decides to use it for twitter, then there are automatically 200 million users and a usecase. That's a lot more real than memes
— Charles Hoskinson (@IOHK_Charles) October 30, 2022
Hoskinson said that with Elon Musk’s arrival on Twitter, the true use case of DOGE emerged. Thus, he disputed this claim, claiming that it would gain a user base of 200 million. However, in the opinion of the Dogecoin founder, that doesn’t change the subject, at least not yet.
DOGE surpasses ADA in market capitalization rankings
The price action of the last days is also behind the Cardano and Dogecoin disputes. Because, in CoinMarketCap’s ranking of the largest cryptocurrencies by market capitalization, DOGE has surpassed ADA.
However, the ADA itself has also risen in the past seven days. The cryptocurrency closed the week 17% higher than its opening price on Monday. As of now, the difference between the capitalizations of the two projects is currently $1.5 billion.
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