Market Intelligence Analysis Reveals Daily Active Addresses for Major Cryptocurrencies
Introduction
This analysis by market intelligence platform IntoTheBlock has uncovered the number of daily active addresses for major cryptocurrencies, providing valuable insights into user activity on these networks.
Cryptocurrency Data
According to data gathered by IntoTheBlock, the analysis looked at large-cap altcoins like Solana (SOL), meme coins like Dogecoin (DOGE), and the largest of the bunch, Bitcoin (BTC).
Top 5 Cryptocurrencies by Daily Active Address Count
The findings show that Solana leads the pack with a daily active address count of $3.04 million.
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Solana (SOL) – $3.04 million
Solana’s network has seen significant growth, driven by the launch of new protocols, such as Pump.Fun, and the introduction of SOL liquid staking, which has attracted new investors.
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Toncoin (TON) – 2.89 million
TON’s growth is attributed to the rising popularity of mini-apps and games on Telegram, with The Open Network’s social media messaging platform driving the uptick.
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Tron (TRX) – 2.5 million
Tron’s increasing address count is linked to rising stablecoin and network activity, as well as the launch of its meme coin-creating platform, SunPump.
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Dogs (DOGS) – 809,810
DOGS, a meme coin built on The Open Network, gained attention after its massive airdrop for Telegram users, making it one of the crypto community’s favorite meme coins.
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Bitcoin (BTC) – 779,650
Bitcoin follows closely, with a daily active address count of 779,650, attributed to its reputation as a leading digital asset network, as well as significant recent developments, such as the launch of the BRC-20 token standard.
The remaining four cryptocurrencies in the top 10, in order, are:
Litecoin (LTC) – 316,640
Algorand (ALGO) – 79,850
DOGE – 44,190
Avalanche (AVAX) – 43,760
In contrast, Ethereum (ETH) has around 417,000 daily active addresses, despite being in a deflationary phase and still retaining user interest in its applications.
Conclusion
The IntoTheBlock analysis highlights Solana’s impressive daily active address count, followed by Toncoin, Tron, Dogs, and Bitcoin. The findings underscore the importance of user activity on these networks, offering insights into the intensity of demand and the potential for further growth.
FAQs
- What is IntoTheBlock?
- IntoTheBlock is a market intelligence platform that provides insights into blockchain and cryptocurrency data.
- What is the methodology behind the analysis?
- The analysis used data gathered from IntoTheBlock, considering large-cap altcoins like Solana, meme coins like Dogecoin, and the largest digital asset, Bitcoin.
- What drives the growth in daily active addresses?
- Factors such as the launch of new protocols, popularity of mini-apps and games on Telegram, network activity, and the launch of meme coin-creating platforms contribute to the increase in daily active addresses.
- What does this analysis reveal about user behavior?
- The analysis shows the intensity of user activity on these networks, highlighting key trends and drivers behind growth in daily active addresses, providing valuable insights for traders and investors.
