Dogecoin (DOGE) may have had its origins in a joke but it has “remarkably strong fundamentals and powerful forces supporting its rise” according to a report titled Dogecoin: The Most Honest Sh*tcoin from Galaxy Digital Research.
Alex Thorn, the head of firmwide research at Galaxy, used a set of metrics and compared the joke cryptocurrency with Bitcoin (BTC) — the leader of the cryptocurrency pack in terms of market capitalization, to make his case.
Doge In Numbers: The Galaxy Digital report points to increased user adoption through the current bull run in DOGE. Thorn noted that there are nearly 3.6 million addresses holding any amount of the cryptocurrency. He noted that an “enormous” — more than 60% of the total supply— has moved in the last year.
“This indicates a significant transfer of coins from older holders into the hands of newer entrants.”
Transaction counts have “generally increased,” as per Thorn and he noted a run-up in on-chain activity, coinciding with recent price action.