- DOGE soared to a weekly high of $0.0898 upon the creation of an XPayments account.
- Shiba Inu entered the DeFi field via Shibarium, claiming over 300M transactions.
- Volume spike in January 2024 didn’t prevent PEPE from dropping out of TOP 100.
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all had their moments in 2023 despite investors having to come to terms with dramatic price fluctuations. While social hype and community are closely tied to the success of memecoins, utility is another key factor in determining which crypto can set an example in terms of longevity.
According to a graphic provided by blockchain analytics enterprise IntoTheBlock, Dogecoin emerges as the unanimous memecoin champion in trading activity. Boosted by Dogecoin Ordinals, the latest seven-day average transaction count is 225.25k daily transfers. In comparison, Shiba Inu’s trading demand was 3.8k daily transactions in the same timeframe.
Meanwhile, the relatively newer Pepe is at 1.6k daily transactions per day, according to IntoTheBlock’s data. Measuring trading volume, the difference in categories is evident: DOGE averaged $1.2 billion per day, while SHIB and PEPE recorded numbers below $50 million. SHIB garnered an average transaction volume of $46 million, while PEPE fetched $17 million daily.
Unified Utility for Top Dog-themed Coins?
Naturally, the utility of these memecoins isn’t restricted to just trading volume on the blockchain. Shiba Inu’s developer team made waves in August 2023 when they launched the mainnet of the highly-anticipated Shibarium Layer-2. Besides the soaring trading activity, Dogecoin enjoys a huge potential on X.
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Dogecoin’s monumental run to $0.142 in November 2022 happened as crypto investors hoped to capitalize on Elon Musk’s $44bn Twitter acquisition, as the technology mogul discussed a peer-to-peer financial system on the newly-acquired platform.
More than a year later, the community enthusiasm was again picked up by creating XPayments, the official handle for the forthcoming monetary ecosystem built into Twitter’s new version. Gathering over 123.2k followers so far, the move could open doors for the top canine coins besides DOGE, including SHIB and the emerging Floki (FLOKI), which shares the same name with Elon Musk’s Shiba Inu.
On the Flipside
- The trading volume statistics by IntoTheBlock did not include Shibarium’s inner transactions, which have been soaring through the better part of December 2023.
- Shibarium recently celebrated the milestone of over 300 transfers on-chain, but most of these transactions are linked to a transition from Goerli to Sepolia testnet.
Why This Matters
While memecoins are not often compared in utility, inclusion in a new financial ecosystem could be a game-changer.
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