Hacker News Reader

As of now Dogecoin has a 24hour volume of 58M US dollars. This is not just one person, this is a market consensus on the value of each coin.

View on HN

And what if 90% of that market consensus is really just 10 different high frequency traders battling for top market making position, with the occasional humdrum buying to "diversify"?

The market depth says a lot more about a currency's value than the market price or even volume does. It's not something that can be summed up into a tidy single number, though. Which means people don't talk about it when when writing glorified blog posts.

https://bitinfocharts.com/top-100-richest-dogecoin-addresses...

how's that useful? a wallet can have multiple addresses, and an address can belong to multiple wallets (on web wallets or exchange accounts).

This would imply that all cryptos are handled by 10 bots, which isn't the case. Coinbase added 1 million users in June last year, and that's just one exchange, so think if crypto owners approximating 100 million people. They sure also buy cryptos, not only bots.

Reply on news.ycombinator.com