Joke Currency Dogecoin (DOGE) Transactions Higher Than Bitcoin Cash (BCH)
According to recent research by Twitter user @ArminVanBitcoin, popular cryptocurrency Dogecoin (DOGE) is processing more transactions than Bitcoin Cash (BCH). The report focuses on data taken from June 15th that shows Dogecoin processing about 38,400 transactions and Bitcoin Cash only handling around 12,700.
— A v B ⚡ (@ArminVanBitcoin) June 16, 2018
Dogecoin was created in 2013 by Jackson Palmer and Billy Markus as a joke in response to the ridiculous rise in seemingly pointless altcoins at the time. It’s based on the popular Internet meme ‘Doge’, featuring a cute Shiba Inu dog who speaks in simple English, such as a dog would.
However, the Dogecoin parody caught on and became viral, rocketing the value of the cryptocurrency to a high of $2 billion as of January this year. It has since corrected to $349 million and is trading at $0.003.
Exactly why Dogecoin is processing so many more transactions than Bitcoin Cash is unclear, but the currency is allegedly far more useful than one would expect. In January this year the asset and finance rating company Weiss gave Dogecoin a C+, higher than that of third-highest valued cryptocurrency Ripple (XRP). The ratings are judged on categories such as risk and technological innovation, amongst others. Bitcoin (BTC) also received a C+, with Ethereum the only coin being awarded a B and none receiving an A.
In response to criticism regarding the ratings, Weiss claimed the statistics don’t lie and Dogecoin came out more useful than not only Bitcoin Cash, but also Dash and ZCash combined.
Transaction amount and trading frequency don’t necessarily have any relevance to the value of a coin though, with Bitcoin Cash still commanding fourth place in the world largest cryptocurrencies by market value. Dogecoin only features at position 41.
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