Dogecoin (DOGE) may have its origins in comedy, but it has “remarkably strong fundamentals and powerful powers supporting its rise,” according to Galaxy Digital’s “Dogecoin: The Most Honest Sh * tcoin” report. Research
Alex Thorn, Galaxy’s head of research across the company, used a set of metrics and comparisons. cryptocurrency That is also a joke Bitcoin (BTC) – The leader of the cryptocurrency pack in terms of market capitalization to build his case.
Doge In Numbers: The Galaxy Digital report points to increased user acceptance through its current DOGE operations, Thorn noted, that nearly 3.6 million addresses hold any number of cryptocurrencies. He noted that “Massive”; – more than 60% of the total supply – was moving last year.
See also: How to buy Dogecoin (DOGE)
“This indicates a large amount of coin transfer from the old holder to the hands of the new entrants.”
The number of transactions has According to Thorn, he noted that there was activity on the network consistent with recent price movements.
Analysts point to combine DOGE mining with Litecoin (LTC) and the fact that miners now earn more from DOGE than LTC.
LTC-DOGE Total Mining Revenue, Courtesy, Galaxy Digital Research.
However, Thorn said that the profitability of DOGE mining has led to a sharp increase in mining equipment prices. He wrote that the Bitmain Antiminer L3 price has increased from $ 83.26 to $ 547.71 since the start of the year.
DOGE under the hood: The report states that there has been no activity in the Dogecoin GitHub repository since 2017, which, according to Torn, is “lack of development effort for the project.” Network
According to Thorn, only 26.8% of DOGE coin nodes are fully synced to the network. By comparison, 44% of Bitcoin nodes are in complete sync.
Dogecoin and Bitcoin nodes according to Galaxy digital research.
Thorn claims that the small number of nodes and the lack of fully synced nodes have enabled runners in the new mode to effectively connect and sync with the Dogecoin blockchain.
See also: The creators of Dogecoin say that Meme Coin’s development is still in pace with Bitcoin.
Memes and Digital Gold: Comparing DOGE to BTC, Thorn has identified several disadvantages that affect the cryptocurrency meme. These include a lack of a robust market infrastructure and a missing “strong ecosystem” of wallet solutions.
Thorn wrote that the number of addresses holding BTC was greater than DOGE by “greater than the order of size”.
Analysts said DOGE had no peak supply and the current annual inflation rate was “significantly higher than BTC”.
An active Bitcoin address with Dogecoin Courtesy: Galaxy Digital Research.
Another point that the writer has focused on is DOGE’s intense supply, which he says “skewed heavily on the big holders.”
BTC also has a number of other advantages, such as significant leads to transaction count and daily transfer value and faster transaction settlement, although DOGE’s network has shorter blocking times.
Thorn also claimed in the report that 51% of the attacks on Dogecoin would be somewhat lesser compared to Bitcoin and result in permanent capital losses while the Bitcoin recipient “would eventually be totally settled”.
Long life DOGE: Thorn cited the DOGE survival case, noting that it was the best performing big digital asset each year, coupled with a broader ownership base and increased debt payments.
Analysts also discuss the profitability of mining and the fact that Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA) has been named the “CEO of Dogecoin” by the community.
See also: Dogecoin hit an all-time high of just under 45 cents amid Elon Musk-SNL speculation.
Can be called A “admirable project” that could garner significant contributions, Thorn was honored for the integrity of the coin and said, “Dogecoin’s long lifespan is assured as long as one truth remains: People love good jokes.
Price action: DOGE traded 39.04 percent higher at $ 0.58 at press time, while BTC traded 1.16 percent lower at $ 55,143.63.
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