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DOGE nips at the heels of Bitcoin on Reddit


01 Apr 2021   #Dogecoin

Dogecoin was the third-most active crypto group on Reddit behind CryptoCurrency and Bitcoin this week. Despite Dogecoin under-performing this past week when compared to other leading crypto assets, DOGE’s community has been among the most active on Reddit.

According to data compiled by Skew and tweeted by Messari researcher Mira Christanto, r/dogecoin has been the third-most active crypto group on Reddit this week, with 33,822 new comments posted in seven days.

Dogecoin is the second-most active group coalescing around a single crypto asset, ranking behind r/Bitcoin’s 48,757 comments last week. Unsurprisingly, the wide-ranging CryptoCurrency attracted the most engagement of any crypto group on Reddit, with nearly 219,000 comments posted this past week. After DOGE, Cardano was the next-most active with 15,735 comments, followed by Bitcoin Cash with 9,356. However, between them the subreddits r/EthTrader and r/ethereum represented nearly 10,200 comments combined.

Despite surging social activity surrounding DOGE, Dogecoin network usage is down compared to Bitcoin. It processed nearly 49,000 transactions over the past 24 hours, while Bitcoin processed 344,000 and Ethereum executed 1.37 million.

In price terms DOGE has under performed each of the 16 non-stablecoin assets ranked above it by market cap over the past seven days, gaining just 6% while most top assets have gained between 10% and 25%. Social sentiment can be an inconsistent indicator of market action, with crypto data aggregator Santiment reporting that Etherum sentiment on Twitter had dropped to its lowest level for 2021 as Ether reclaimed the $1,800 range on March 31. 

Santiment noted the crypto crowd was “in disbelief” regarding Ether’s gains, asserting the “extreme level of crowd skepticism is historically bullish for crypto.” Ether has since rallied into the mid $1,900 range and is currently trading within 5% of its all-time highs.

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