The last one week has not been exciting enough for many crypto assets, as the downward turn in fortunes continues to be the fate of many digital assets in the space. Bitcoin has refused to cross the $60K mark again, as many analysts begin to get worried about the digital assets failing to reach a new ATH since February.
Ethereum, on the other hand, has started to move up the charts, leaving other altcoins like Dogecoin behind in the struggle for consistency. However, despite the meme coin’s inconsistencies- Dogecoin, the altcoin’s community of users on Reddit has been labeled as one of the most active amongst many crypto groups on the social platform.
R/dogecoin is the third most active crypto user group on Reddit
The Reddit DOGE community, popularly called- r/dogecoin, has posted almost 34,000 comments in seven days on the social platform. However, in a new research by Mira Christanto for crypto data analytics firm- Skew, those figures are only superseded by that of the overall crypto group and Reddit Bitcoin community.
According to Mira, the overall crypto group’s engagements on Reddit were pegged a little close to 220,00, a figure that thwarts every other crypto, affiliated group. However, after Bitcoin’s group posting about 49,000 comments in seven days, Dogecoin’s group is next.
Dogecoin’s crypto group numbers are way ahead of the popular group of altcoins like Ethereum, Cardano, and Bitcoin Cash on Reddit. Surprisingly, this has come as a shock to many in the crypto community, considering that the altcoin has dwindled in fortunes in the last week.
Dogecoin is currently ranked at 17th in performance this week, amongst the crypto space’s first twenty altcoins. The altcoin has gained barely 5% throughout the week compared to the average 23% of many altcoins in the cryptocurrency market.
Dogecoin needs a new Musk
Apart from the Dogecoin token’s dwindling performance, the network has failed to live up to the hype of the Elon Musk days. The DOGE network was the beneficiary of a rapid upturn in fortune earlier in the year when Elon Musk moved market prices of the token and attracted investors into the space. The billionaire businessman was always messing around the network, poking fun at it via his tweets.
Fortunately, those actions by Musk tend to move prices, improving the overview and fortunes of the network. The network’s performance of processing 48,000 transactions in the last 24hours has been way short of the average 200,000 of the overall top twenty altcoins in the space. Ethereum, despite being behind Bitcoin, continues to lead the way in the altcoins market.
The Ether token has processed almost 1.4 million transactions in less than 24hours and currently trades above the $1,800 mark. However, while r/dogecoin group performance has thwarted that of many other altcoins, the token need to step up from a terrible week, which had seen it displaced in the list of the top ten altcoins in the crypto market.