The price of Dogecoin (DOGE) hit $ 12 billion in a single day on April 16.
It has been reported by data from BitInfoCharts that over $12 billion worth of DOGE was transferred across the blockchain in a few days.
However, to put that number into context, the Ethereum blockchain processed just $6 billion worth of Ether (ETH) on the same day. Ether is the world’s second-largest cryptocurrency by market cap and its blockchain is the most actively developed in the world with twice as many monthly commits on GitHub as Bitcoin (BTC).
The report said that Dogecoin stands out like a sore thumb. Just one address contains 28% of the total coin supply, while 11 addresses make up 46%. This point was not lost on Tesla CEO and vocal Dogecoin fan Elon Musk, who said he would lend full support to the cryptocurrency if the top holders sold off most of their coins.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
Likewise, Dogecoin’s reawakening due to Reddit pumps and Musk’s tweets, the coin had achieved a value of $0.01 just once before in its entire eight-year history. The coin’s sudden 400% surge to above $0.30 in the past week alone has drawn a lot of eyes, bringing them to bear on the Dogecoin subreddit.
For a coin that provides nothing but laughs, a lot is happening on the Dogecoin blockchain right now. https://t.co/Vt76RaRr3i — Cointelegraph (@Cointelegraph) April 16, 2021
Thus, according to data from analysts at Skew.com, the number of new subscribers to the sub increased exponentially in the past week in line with the surging coin price, rising from hundreds to thousands per day.