A recent report from Bitcoinist revealed that Dogecoin transactions outnumbered Bitcoin Cash transactions three-to-one. On June 15, the Dogecoin network processed 38,400 transactions; Bitcoin Cash processed just 12,700; at press time, Dogecoin had processed 40,441 transactions while Bitcoin Cash had processed 13,433.
In fact, Dogecoin seems to have gone through many periods of exceeding Bitcoin Cash in terms of transaction volume since BCH appeared on the scene last year.
The ‘Underdog’ Rises
This isn’t the first time that Dogecoin has surprised the world.
Throughout its history, Dogecoin has been of an underdog (pun intended). It was created in 2013 by Australian entrepreneur Jackson, who allegedly created the cryptocurrency as a joke. According to a report that Palmer wrote for Motherboard, “Dogecoin started as a parody of the multitude of alternative cryptocurrencies, or ‘altcoins,’ flooding the market at the time.” Palmer was shocked to find that his cryptocurrency had reached a $2 billion market cap in January of this year.
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Dogecoin has reached a series of rather unexpected achievements. Weiss ratings gave Dogecoin a ‘C,’ the same rating that it gave to Ripple. Of course, Ripple fans were not happy about this, but Weiss stood by their decision. “The numbers are the numbers,” they wrote in a blog post, and cited the fact that even five months ago ”Dogecoin’s usage is greater than that of Bitcoin Cash.”
“Its usage is also greater than that of Dash and ZCash combined,” the blog post said.
Dogecoin’s market cap is still far behind Bitcoin Cash’s. Dogecoin ranks as the world 41st-largest cryptocurrency while Bitcoin Cash is the 4th-largest. At press time, a single BCH token was worth roughly $880 while a single DOGE coin was worth $0.003.