According to public blockchain data , only A selected few Whales are holding & transferring Doge around market

It was Doge day afternoon all over again as Dogecoin (DOGE) continued its assault on the cryptocurrency market capitalization rankings. The meme coin overtook XRP to become the fourth-largest cryptocurrency by implied market capitalization after climbing to a per-coin valuation of $0.69 – a target that was specifically set by traders on social media.

But cryptocurrency’s latest media darling may not be as wholesome as it seems. For all the hype surrounding Dogecoin (and its de facto master, Elon Musk), publicly available data suggests relatively few people are actually using the blockchain, and those who do use it account for an incredibly large portion of its overall activity.

Consider that the dollar value of coins sent across the Dogecoin blockchain on Tuesday exceeded $58 billion. That figure was 70% higher than the amount transferred on Bitcoin ($34 billion) and 260% higher than on Ethereum ($16 billion).

Digging into on-chain data further, we see that despite Dogecoin moving a higher value of coins than the two largest cryptocurrencies in the world, it achieved this with a mere fraction of their transactions.

Over 1.4 million transactions were counted on the Ethereum blockchain yesterday, according to data from Bitinfocharts, while close to 300,000 were counted on Bitcoin. Compare this to just 76,000 recorded on the Dogecoin blockchain, and an apparent wealth gap begins to emerge.

Indeed, when looking at Dogecoin’s average transaction value on the day in question, it stood at almost double that recorded on Bitcoin (BTC). The average DOGE transaction value stood at $800,000, compared to $420,000 on BTC. Its statistics relative to Ethereum paint an even more dire picture – Dogecoin’s average transaction value exceeded Ethereum’s by 8,000%, despite processing only 5% of the number of transactions.