Dogecoin (DOGE) Transactions Go Parabolic

29 May 2023

in DOGE

Reading Time: 1 mins read

Alex Dovbnya

Dogecoin, a digital asset born as a meme, has charted an unprecedented rise in transaction volume

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Dogecoin, an oft-underestimated digital asset that began as a meme, has recently witnessed an extraordinary growth in its transaction volume.

In early May, the currency was barely making a mark, processing less than 20,000 transactions per day, a figure that resonated with its position on the sidelines of the crypto arena.

The sudden and remarkable acceleration continued, with the transaction count hitting 1.152 million on May 25, slightly up to 1.162 million the following day, and finally breaking the 2 million mark on May 27.

This astonishing increase drove Dogecoin’s transaction volume to a new all-time high, making it the first time the meme-coin outperformed Bitcoin’s peak transaction volume in 14 years.

The key catalyst behind this rapid evolution can be traced back to an intriguing trend: the rampant minting of DRC20 tokens on the Dogecoin chain. This flurry of activity, fueled by Dogecoin’s attractive low transaction fees, led to a torrent of transactions and a significant increase in network activity.

Despite the increased transaction volume, the price performance of Dogecoin has remained relatively stable. As of the most recent data, the price of Dogecoin stands at $0.073444, reflecting a modest 0.8% increase over the day and a 2.5% gain over the past week.

It’s yet to be seen how this activity will impact the price of Dogecoin in the long term.