According to the chart provided, Dogecoin was more popular than the first cryptocurrency
Dogecoin co-founder Billy Marcus share Significant on-chain data from 2014 that suggests the dominance of DOGE over bitcoin in the number of unique daily transactions.
According to the chart provided, Dogecoin had approximately 100,000 unique daily transactions on-chain, while Bitcoin had less than 2016. Marcus also commented on the data provided, saying that he expects Doge to eventually have a similar advantage over bitcoin.
Bitcoin Transactions vs Dogecoin Transactions, 2014 Numbers
It would be nice to be back at this level of on-chain usage! pic.twitter.com/CT3Lyp2wCr
— Shibetoshi Nakamoto (@bilm2k) February 27, 2022
In 2022, the situation is completely different as Bitcoin remains around 220,000 transactions per day, while Dogecoin processes less than 25,000 transactions.
Such a big difference was due to Dogecoin’s popularity in the blockchain industry in 2014, as it was the most popular Memecoin on the market, with almost no analogues.
Dogecoin’s popularity declined significantly in 2021 as a number of meme-related projects appeared in the industry. DOGE’s biggest rival was and is the Shiba Inu token, which showed explosive growth of 1000% over the past year.
Since most of Dogecoin’s trading volume and purchasing power was concentrated in the hands of retail traders and investors, the presence of popular cryptocurrencies such as the Shiba Inu “stole” the spotlight.
But while other meme tokens are being picked up by retailers, companies like Tesla are steadily raising the price of memecoin by announcing acceptance of the cryptocurrency for their products.
Additionally, billionaire and CEO of Tesla and SpaceX, Elon Musk, has been steadily increasing interest around the coin by posting memes, responding to Marcus, and showing his interest in the DOGE ecosystem.