The Dogecoin (CRYPTO:DOGE) blockchain is a ghost town compared to other cryptocurrencies in the market cap top 10. Yet the cryptocurrency continues to surge whenever the broader market moves, including a 70% jump in early August.
With a small handful of investors exerting market-moving power over the entire currency, here’s why Dogecoin is not a viable long-term investment — and why its pumps are based on little more than hot air.
Hardly anybody uses Dogecoin
The Dogecoin blockchain recorded just over 23,000 daily transactions on Aug. 9, according to the latest available data. That’s a mere fraction of the 1.2 million transactions recorded on Ethereum (CRYPTO:ETH), and the roughly 200,000 recorded on Bitcoin (CRYPTO:BTC).