additionally, it may be that each transaction is counted multiple times. if I were to tip you, I would first send funds to the bot, who then sends funds to you.
$427,079,860 / 2 / 45,199 = $4724.44
Not likely, IMHO, even if each tip required 10 or 100 transactions.
Most tips seem to be less than a dollar. http://www.reddit.com/user/dogetipbot
It just doesn't add up. Where else is Dogecoin being used?
EDIT: some actual numbers are available here http://www.reddit.com/r/dogecoin/comments/1wd49h/huge_udoget...
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On January 26th:
- 7,258 inbox messages were read by dogetipbot (even more were sent and were still unread at the time -- backlog).
- 4,565 tips were given.
- 572 new users registered for their first time.
- 359 shibes withdrew some dogecoins
- 743 shibes still kept sending +info requests even though i turned them off. ;)
- 1,063,466.73376456 dogecoins were tipped.
---
1,063,466.73376456 dogecoins = $1488.85 USD (using current exchange rate of 1 doge =US$0.0014)
There you have it. ~$1500 worth of Dogecoin was tipped on the /r/dogecoin subreddit on Jan 26, while $240M worth of Dogecoin transactions took place.
Even if they did, see my other comments about how the volume across Dogecoin exchanges is only about $1M/day.
-conversion from other currency holdings (LTC, BTC), which some people have openly said they did
-recent run up / down of the value caused a lot of people who were previously holding to buy / sell (started around the time of the big news push with the Jamaican bobsled team fundraiser, right now it is dropping)
-general interest, people buying some amount to hold for the first time. i have had friends making their first crypto purchase in doge recently, who don't understand the technology and probably shouldn't (due to the news i think and not wanting to miss out on bitcoin 2.0)
-Chinese investors getting in / out? i think i saw a graph of cny to doge being a major part of the transactions
personally, i haven't looked into it that seriously because i haven't invested seriously. i put time in (especially for the site content), but all my coins are mined from an existing gaming computer. my total doge USD value is ~$50, which is probably lower than what people would expect of the dogecointutorial creator. my doge mining actually started because I wanted to cheaply explore how cryptocurrencies worked. then the tutorial site actually started when i was testing out aws / github pages for landing page hosting. originally i just had some sort of dogecoin index placeholder but found myself jumping around / searching for info as i learned about doge and cryptocurrencies...so i started my own guide. if you do more research, do share it!
Notably, the volume across all exchanges today is 562,124,614 doge, which is about $786,974, and mining accounts for another ~$1,000,000/day (500000 * 60 * 24 * $0.0014).
2x each of those to account for transactions into/out of mining pools and exchanges, and it's still only a few million dollars (plus a lot of trading never touches the blockchain)