- Dogecoin’s total number of daily transactions dipped below 18,000, the lowest level since 2017.
- Shiba Inu now has 668,810 holders of the memecoin, an 18% spike in the past three months.
- AMC plans to accept Dogecoin for online payment, and Robinhood gears up to launch a wallet for storing and transferring DOGE.
Dogecoin and Shiba Inu have increased in popularity over the past few weeks. The SHIB community continues to petition for the memecoin’s listing on Robinhood, the commission-free exchange.
On-chain activity on the Dogecoin network hit lowest level since 2017
The total number of daily transactions on the Dogecoin network has dropped below 18,000. This week the volume of transactions has hit the lowest level recorded since Bitcoin’s historic bull run in 2017.
Back in April 2021, the transaction count hit a peak at 100,000. Historically, a drop in on-chain activity is associated with plunging demand for an asset; however, in the case of the Shiba-Inu-themed cryptocurrencies, it is the opposite.
Dogecoin daily transaction volume
Dogecoin’s popularity has increased with commission-free exchange Robinhood’s announcement of the launch of an upcoming cryptocurrency wallet that would support the deposit and transfer of the memecoin.
Adam Aron, CEO of AMC, the world’s largest theatre chain, asked his Twitter followers if Dogecoin should be accepted for online payments. Over 70% of the survey participants responded in the affirmative.
“Dogecoin killer” Shiba Inu has witnessed an over 18% spike in the number of token holders. As of September 21, 668,810 wallets hold Shiba Inu in their cryptocurrency portfolio.
Shiba Inu total holders and transfers as of September 21, 2021
In response to the rising acceptance of Dogecoin in the cryptocurrency ecosystem, co-creator Billy Markus tweeted:
okay we are allowed to overreact now
robinhood wallets is huge news for dogecoin – it opens up so many users to the real utility of cryptocurrency!https://t.co/pSV2WiopwN— Shibetoshi Nakamoto (@BillyM2k) September 22, 2021
Elon Musk, tech billionaire and CEO of Tesla, responded to Dogecoin co-creator @BillyM2k’s tweet, stating the need to drop DOGE to make it viable for users to buy movie tickets using the cryptocurrency.
Super important for Doge fees to drop to make things like buying movie tix viable— Elon Musk (@elonmusk) September 22, 2021
Since the exciting announcements, Dogecoin has posted over 7% gains, and the cryptocurrency continues its upward climb.
FXStreet analysts have evaluated where Shiba Inu price could be headed next. The analysts believe that SHIB is ready for a rebound to $0.00000900. At the time of writing, SHIB is trading at $0.00000728.
DOGE Has Allowed Lots of People to Get into Bitcoin: David Gokhshtein
Crypto influencer and former politician David Gokhshtein believes that Dogecoin has done a lot to attract people to Bitcoin.
Chief executive of PAC Protocol, David Gokhshtein, has taken to Twitter to suggest that the most popular meme currency (and the one favored by Elon Musk), Dogecoin, has attracted a lot of people to the flagship crypto, BTC.
“DOGE has allowed a lot of people to get into Bitcoin”
Gokhshtein often mentions other cryptocurrencies in his tweets, aside from PAC Protocol. In the past, Ripple-affiliated XRP, along with Bitcoin was mentioned pretty frequently by him.
Now, the influencer and former Republican congressional candidate Gokhshtein is exploring meme cryptocurrencies, among other coins. In particular, he has been tweeting about Dogecoin and looking into Shiba Inu (SHIB).
Today, he tweeted about DOGE, stating that this currency that started as a BTC parody in 2013 has allowed a lot of people to enter Bitcoin. He cited multiple free data available on the Internet.
Mark Cuban defends DOGE against Bitcoin maxis
Over the weekend, as covered by U.Today, billionaire investor, Shark Tank cohost and owner of the Dallas Mavericks, Mark Cuban, debated with podcaster and Bitcoin maximalist Preston Pysh on Twitter regarding DOGE.
Prior to that, Cuban participated in a live audio conversation on Twitter Spaces. There, he repeated what he has been saying quite often recently: DOGE is “a great introduction into the crypto space,” a cheap way of learning about crypto.
Still, Cuban admired Bitcoin as well, but he believes it to be a great store of value. He doubts that BTC can succeed as a unit of payment, unlike Dogecoin.
Here’s how much DOGE Cuban holds
Despite being a big fan of Dogecoin, the billionaire only owns about $1,500 worth of this meme coin. He bought some more recently “just for fun,” in his words.
He recently stated that a lot of people are using DOGE to buy tickets and merchandise from the Mavericks online shop. According to him, every month, people spend thousands of dollars in DOGE buying stuff from the Mavericks.
As soon as the gaming season starts, he expects the amount of DOGE spent to increase substantially.
Elon Musk pushes DOGE up 13%
On Monday, Oct. 18, the most popular meme crypto, Dogecoin, went up almost 13% after Elon Musk supported DOGE co-founder Billy Markus’s tweet, where he urges the community to “keep DOGE absurd.”
Besides, the Tesla CEO tweeted a “drawing” of an animal that looked pretty much like a Shiba Inu dog. Both SHIB and DOGE went up after that.
DOGE Over 12% Up, Trading at $0.26
Elon Musk-favored meme crypto Dogecoin has risen more than 12 percent
The ninth largest cryptocurrency, DOGE, a favorite of the richest person on the planet, Elon Musk, has shown a rise by over 12 percent, trading at $0.2676, as per the data provided by CoinMarketCap.
Earlier today, Elon Musk supported the tweet of a Dogecoin co-founder Billy Markus, who mocked all the DOGE-hating part of the crypto community and urging the devs to “keep Dogecoin absurd”.
The centibillionaire also posted a tweet with a “drawing” of what the community believed to be a Shiba Inu dog going to the moon.
On Saturday, a popular crypto YouTube counted that Elon Musk’s net worth in DOGE now totals 861 billion and the Tesla CEO replied he hoped that would be enough to extend human life to Mars.
70% of DOGE Holders in Profit While Transaction Size Is Rising
Memecoins on rise once again with Shib and Doge trading at an average 10% profit
Dogecoin on-chain data signals the overall growth of the network, with the majority of Doge investors remaining in profit in addition to the average transaction size on a strong rise, according to data from IntoTheBlock. At press time, the price for one Doge is up 10%.
Rising transaction size and activity
Doge on-chain data suggests that, while an asset’s price goes up, more background activity begins happening on the network. While exchange inflows still remain low, rising transactional activity may suggest only a couple of things: traders are moving insignificant amounts of funds on exchanges or transferring their Doge between wallets for various reasons.
While exchanges have not yet reported any significant flow activity on Doge trading pairs, the negative effect of rising transactional activity may be reflected if the majority of coins are being transferred to exchange wallets.
Majority of holders in profit
Though 70% of Doge holders remain in profit, the amount itself is not considered too high. Previously, when Dogecoin was trading close to the previous ATH, money “in profit” stood at 90%.
Whenever the “in profit” amount reaches numbers close to 90%, the correction hits the market since the majority of traders are taking their profits at the top, which starts a chain of liquidations and the rapid fall of the price.
Though overall on-chain indicators show a “bearish” market, it does not go well with the current price action. Social sentiment indicators also show that the “$DOGE” ticker is currently trending and overperforming Bitcoin and Ethereum in terms of mentions.