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- Dogecoin achieved a peak of over 1.1264 million daily transactions.
- The network has surpassed Bitcoin and Ethereum in transaction volume.
- The price of DOGE increased by approximately 3% in the past 24 hours.
The DRC-20 versions of BRC-20 tokens have caused a substantial increase in Dogecoin’s transaction volume following the BRC-20 token excitement within the Bitcoin network. The daily transaction figures for the original memecoin experienced a notable surge, exceeding those of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) for the first time.
The “Memecoin Fiesta” remains ongoing. Elon Musk’s favored coin has once again captured the interest of investors and generated buzz on social media as the PEPE trend has diminished. The transaction volume for DOGE surged tenfold, reaching an all-time high due to the excitement surrounding the launch of a new mechanism known as the “DRC-20 token.”
Dogecoin Transaction Chart (Source: BitInfoCharts)
Data from BitInfoCharts, a cryptocurrency tracking platform, indicates that the network achieved over 1.1264 million transactions yesterday. In comparison, Bitcoin and Litecoin recorded 579.26K and 363.885K transactions, respectively, while Ethereum had 1.0436 million.
Furthermore, historical data reveals that Dogecoin transactions surged by over 97%. The DRC-20 token standard, introduced on May 9, shares a similar technical framework with BRC-20 tokens and has led to an immediate increase in DOGE network activity.
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Market Status of DOGE
Recently, DOGE has become a preferred choice among numerous cryptocurrency investors and celebrities. Additionally, the meme token phenomenon continues to thrive in the market, characterized by significant price increases or new developments. It remains a topic of interest amid competition.
At the time of this report, Dogecoin was trading at $0.07405 with a 24-hour trading volume exceeding 328 million, reflecting an increase of about 75%. The price of DOGE rose by 2.5% in one day and 5.0% year-to-date.
Dogecoin (DOGE) Price Chart (Source: Tradingview)
The moving average for Dogecoin is currently below the price of the memecoin, suggesting a bullish trend for DOGE.
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