Dogecoin hit 1.1264M daily transactions, surpassing Bitcoin and Ethereum.
DOGE price surged by 3% in 24 hours.
The introduction of DRC-20 tokens, which are similar to BRC-20 tokens, caused a huge increase in Dogecoin’s transaction volume. This happened after a frenzy of BRC-20 tokens on the Bitcoin network. Dogecoin’s daily transaction volume experienced a big surge and surpassed Bitcoin, Ethereum, and Litecoin for the first time.
The “Memecoin Fiesta” is still going strong. Dogecoin, which is a favorite coin of Elon Musk, has caught the interest of investors and created a lot of buzz on social media. This happened as the hype around the PEPE trend quieted down. The transaction volume of DOGE increased by ten times and reached an all-time high. This was mainly due to the excitement surrounding the introduction of a new feature called the “DRC-20 token.”
Dogecoin Transaction Chart (Source: BitInfoCharts)
Yesterday, the Dogecoin network had more than 1.1264 million transactions, according to BitInfoCharts, a platform that tracks cryptocurrencies. In comparison, Bitcoin had 579.26K transactions, Litecoin had 363.885K transactions, and Ethereum had 1.0436 million transactions.
Furthermore, historical data reveals that Dogecoin experienced a tremendous increase of more than 97% in transactions. This surge can be attributed to the introduction of the DRC-20 token standard on May 9. The DRC-20 tokens have a similar technical setup to BRC-20 tokens, and their implementation led to an immediate rise in activity on the Dogecoin network.
DOGE Status in Market
In recent times, Dogecoin (DOGE) has become a popular choice among crypto investors and celebrities. The market is still buzzing with the craze for meme tokens, which has resulted in notable price increases and frequent updates. Additionally, Dogecoin has been in the spotlight, engaging in competition with other cryptocurrencies.
As of now, Dogecoin is being traded at $0.07405, and its 24-hour trading volume has surpassed 328 million, marking a significant increase of approximately 75%. Over the course of a day, the price of DOGE has surged by 2.5%, and it has seen a year-to-date increase of 5.0%.
Dogecoin (DOGE) Price Chart (Source: Tradingview)
The moving average of Dogecoin is currently lower than its price, signaling a bullish pattern for DOGE.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.