Although Dogecoin is still referred to as a meme coin, it is evident that it has grown beyond that level. Meme coins are usually known to be extremely fragile in the market and easily go down whenever the hype dies down. But Dogecoin isn't bugging as it has grown to become even bigger than some of the popular altcoins.
Talk about a meme coin among the top 10 in crypto market capitalization. Even better, Dogecoin is beating Cardano, Solana, Polygon, Chainlink, Litecoin, and many other top cryptocurrencies in the market cap ranking.
At the time of writing, Dogecoin occupies the 7th position with a more than $10 billion market cap. To make its dominance even better, Dogecoin recently reached a new milestone and is a leading asset in the list of top meme coins to buy.
This milestone serves as a confirmation that Dogecoin might no longer be a meme coin, despite starting as a joke. The number of active addresses on Dogecoin's ecosystem has crossed the 5 million mark.
To show you just how insane these numbers are, Dogecoin currently has more active addresses than XRP, Cardano, and Polygon. This is quite huge as it confirms that Dogecoin is really making massive growth.
But wait, the increase in Dogecoin's active addresses showcases the increased trading activity. The more active addresses on a network, the more trading activities. In other words, Dogecoin's transaction volume is also on the increase.
Searching for a Use Case
While celebrating the win, the long-term Achilles heel of Dogecoin has always been the search for a use case. When Dogecoin was still starting out, it was mainly used as a tipping cryptocurrency on platforms like Reddit. Then, Dogecoin could be used to reward users who made valuable posts and comments.
At one point, Dogecoin was even used to raise funds for the Jamaica Olympics bobsled team. But after getting huge prominence in 2020, following the support of Elon Musk, there has been a demand for a solid use case from Dogecoin.
In most cases, rumors are what the Dogecoin community has been hearing for the longest time. In 2020, there were rumors that Ethereum co-founder Vitalik Buterin was working on developing a smart contract platform for Dogecoin.
However, there have been no confirmations from Vitalik Buterin, and up to date, there has been no smart contract platform. Another huge rumor is the payment platform Elon Musk is trying to integrate into rebranded X. There are speculations that Dogecoin might get featured as one of the payment options. However, this, too, hasn't received confirmation.
5 Million Active Addresses a Huge Milestone for Dogecoin
Achieving the milestone of more than 5 million active users is a big win for Dogecoin. It shows how popular the token is getting despite not having a solid use case. One of the most significant assets Dogecoin has is its community. Popularly known as the Doge Army, it is this community that increases Dogecoin value.
Dogecoin also enjoys the support of the world's richest man, Elon Musk. Earlier this year, Elon Musk changed Twitter's logo to that of Dogecoin, taking its price to touch me levels. Although Dogecoin does not have any significant use case now, the support it gets cannot be denied. At the time of writing, Dogecoin's price is at $0.074.