Under current market conditions, most of the attention is on bitcoin (BTC), its various forks, and of course XRP. But a little lower on Coin market cap is one coin that deserves more attention, and that’s Dogecoin. While often thought of as a joke, Dogecoin (DOGE) is probably one of the few coins that have a real utility in the market. The real value of any cryptocurrency is not in speculation, but in people buying and selling goods, sending money to their loved ones among others. However, most coins don’t achieve this purpose. A good number of coins are only used for trading on exchanges, even though that is not the core value of any currency.
To better understand this, let’s look at Dogecoin (DOGE) transactions in the past 24-hours. In this period, Dogecoin has moved over $688 million dollars’ worth of value. However, out of this, only about $26 million worth of Doge was used for exchange trading. This means that over 95% of all the Dogecoin’s that have moved in the last 24-hours was used by merchants and other real-world payments purposes. Just to give context on how big of a deal this is, Bitcoin Cash moved $163 million in the past 24-hours.