Created by Billy Markus and Jackson Palmer on 6th December 2013, it was initially meant to be a joke, but despite its satirical nature, it is considered a legitimate investment prospect by some people. It is based on the Scrypt algorithm and takes just 1 minute to confirm. By September 202, it had a market capitalization of USD $26 billion; it was the 10th largest cryptocurrency in the world. It uses 0.12 kilowatt-hours per transaction, which is relatively very less as compared to other cryptocurrencies.
Let’s try to query some data from Dogecoin using Bitquery’s tools now. BTW you can also check different data on our Dogecoin explorer too.
If you don’t know how to get started with our APIs, check this thread .
Dogecoin Blocks
Dogecoin monthly blocks count are on an average above 40,000 while that of Bitcoin is around just 4,000.
Dogecoin Blocks
As compared to the monthly blocks count of Bitcoin as shown below,
Bitcoin blocks
This also shows that the number of hashes that must be generated to find a valid solution to solve the next Dogecoin block shown as “Difficulty” is drastically less than that of Bitcoin. The Difficulty for the same is shown in the below screenshots.
Dogecoin block difficulty
Bitcoin block difficulty
Dogecoin Transactions
Dogecoin performs around 25K transactions per day whereas Bitcoin does around 275K transactions per day on average.
Dogecoin transactions
When it comes to transaction fees (also known as a blockchain commission, blockchain fee, or network fee) is the fee one pays for processing transactions to miners. As compared to Bitcoin, Dogecoin transaction fees are comparatively very less .
Dogecoin Average Fee per transactions
As you can observe, in the above bar graph, the transaction fee spiked up in the month of November. Still, the average transaction fee remained around $0.65. While for Bitcoin the average transaction fee after the market drop is still $1.80 .
bitcoin Average Fee per transactions
Dogecoin Miners
Mining in the cryptocurrency context refers to the process of producing cryptocurrencies as a reward for a task that you complete. It is a transactional process involving the use of computer systems and cryptographic processes to solve complex problems. The miner gets rewarded for his/her efforts.
On average there are 400 miners who participate in Dogecoin mining every day. When compared to other networks, Bitcoin, Litcoin, Zcash all have less than 20 unique miners on average every day.
Tracking Dogecoin on Blockchain using Coinpath
Bitquery provides APIs to follow the money on blockchain, We call these APIs Coinpath APIs.
Bitquery’s Coinpath API uses heuristics and machine learning to determine account balance, transaction flow, etc. Here, we have shown an example transaction tracking of this address funds on dogecoin.
One can also check the money flow through Bitquery Explorer which is an openly available cryptocurrency explorer.
Money Flow
As you can see, there is an INBOUND & OUTBOUND button in the view. Currently, both the INBOUND & OUTBOUND are set to 1. This means that the Coinpath API would only show the transaction flow up to only 1 hop i.e. immediate incoming and outgoing transactions sent and received by our targeted dogecoin wallet.
Sankey
The above Graph is a little difficult if you just want to know the source and destination of funds, therefore just to showcase we have built another visualization called Sankey. You can find this visualization in the same Money Flow tab.
INBOUND = 5 & OUTBOUND = 5 (Sankey)
Conclusion
Our GraphQL APIs provide all sorts of Dogecoin data. You can get Dogecoin transactions, transfers, address details, money flow miners data, and other on-chain data which can be helpful for various use cases such as tax, compliance, wallet, analytics, etc.
Not only Dogecoin, we currently provide GraphQL APIs for more than 40 blockchains.