Here's how Dogecoin (DOGE) and Shiba Inu (SHIB) compare to the top coins in the cryptocurrency sector in terms of “active addresses.”
Dogecoin and Shiba Inu compare to others in number of active users
In new mail On X, market intelligence platform IntoTheBlock shared a chart revealing where the top cryptocurrencies on the market currently stand based on the daily number of active addresses.
An address is said to be “active” when it is engaged in some type of transaction activity. The receiver and sender of the transfer become active at the moment of the transaction.
The unique number of active addresses can be considered the same as the daily number of users on the network. As such, the value of the metric can tell us whether the blockchain is currently experiencing high traffic.
The chart below shows the current value of this index for some of the most important assets in this sector.
Looks like Tron is at the top of the list at the moment | Source: IntoTheBlock on X
As it turns out, Dogecoin falls in the middle of this list, with 56,980 daily active addresses. However, the Shiba Inu has much fewer daily users at the moment, as it is second on the list with 6,770 active addresses.
Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and Tron (TRX) are all higher than DOGE by a significant margin as well. Interestingly, TRX is currently the most active network on the list, as its value of 2.26 million for the metric is 4 times that of the next best network, BTC.
TRX's large number of daily active users indicates that blockchain transactions are more preferred than other cryptocurrencies on the list.
Under X's post, some users asked IntoTheBlock why Solana (SOL) disappeared from the list. According to the analytics company, the reason is that its tools do not support SOL networking.
However, IntoTheBlock noted that data from another source indicates a daily active address count of 1.5 million for Solana. With three times the number of active users as Bitcoin, this would place the coin second below TRX and tie Dogecoin and Shiba Inu for elsewhere.
Naturally, the large value of the SOL Network Index indicates that the cryptocurrency is also a very popular choice among users for blockchain-related activities.
It seems that even though meme coins have managed to find popularity among investors and raise their market value, they still need to catch up with network-related metrics like these.
Doji price
Dogecoin price is now down to $0.157 after seeing its price fall by more than 3% in the past 24 hours.
The price of the coin appears to have been going down over the last few days | Source: DOGEUSD on TradingView
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com