The crypto market is a huge space, and it has many players apart from investors, enterprises, traders, and exchanges. The crypto space gets influenced by the developers who create these cryptos and the watchdogs. The opinions of these watchdogs and researchers influence the market sentiment at a great level. They are the ones keeping track of the things and witnessing the flow of the market.
One such crypto venture firm named Electric Capital had issued a report on 6th March (the firm is based at A Palo Alto). The report has presented an in-depth view on the development activities of prime cryptocurrencies on Github. The report claims that its team has analyzed more than 3000 blockchain projects in the global crypto space, it has considered over 20000 code repositories, and around 16 million commits.
We all know the backward movement of the global crypto market last year. Though the market was showing the bearish graph, there were a few cryptocurrencies like Ethereum which were doing well and attracting more developers and adopters. On the other hand, a big currency like Bitcoin is maintaining a healthy status in the market, but it is failing to attract consistent developer activity.
On the same note, the report has paid attention to the two popular altcoins in the market; one is Litecoin and other is Dogecoin. The report has studied these two coins by applying a few measures like high network value coin. And the report has labeled both the coins as “being abandoned” by the developers. The reason given is the slow and low development done in the previous year.
As far as Dogecoin is concerned, it observed zero development activity and active developers in 2019 for consecutive months. Dogecoin project witnessed most of the developing activity last year during September-October. This was the time when the Doge-Ethereum bridge was getting built. But that is all. In case of Litecoin, the developer activity has fallen from 40 active developers in January last year to only three developers in January this year.
Developers are abandoning many projects, and most of them are forks of high network value tokens. Other cryptocurrencies like Ethereum Classic, Bitcoin Gold and NEM also have lesser monthly active developer activities. Though lower development activity does not mean the coin has lost the value, it is not great if the project is lacking in attracting more developers.
Investors would think twice before investing in any cryptocurrency which is not providing anything innovative and different than Bitcoin.