One of the indirect methods of determining the number of actions that occur on-chain of one or more assets is smart contract activity. In the case of Dogecoin, it has made it into the top ten most actively used smart contracts on the Ethereum blockchain.
According to the data provided, Doge was ranked seventh among the most actively interacted smart contracts on the chain. The meme-coin was ranked first alongside coins such as Binance Smart Chain, Binance USD, and Chia Coin.
📰 #Dogecoin is on the top of most used smart contracts by the top 1000 BSC wallets
🐳 Whales are buying dips. How about you #DogeArmy ?
Source: https://t.co/IwpiW9WTip#DoOnlyGoodEveryday pic.twitter.com/IRe1pPD334
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) November 26, 2021
Because users must own a certain amount of tokens or coins in order to use a coin’s smart contract, the use of smart contracts usually implies increased purchasing activity.
While Doge’s on-chain data indicates that more people are beginning to use it, market data indicates the opposite. Doge/USD trading pairs are losing up to 10% of their value, according to TradingView.
Doge reached 15% in a few hours at today’s low and tested the $0.188 support. Dogecoin was trading at the same level at the end of September last year. The overall bullish cycle on the cryptocurrency market was followed by a rapid increase in the value of coins.
