Dogecoin Sets New Daily Transactions Record, Outperforms LTC and BTC
Despite Bitcoin’s recent price surge, Dogecoin (DOGE) has surpassed the largest crypto asset in market capitalization with a new daily transaction record. DOGE outperformed Litecoin (LTC) and Bitcoin (BTC) after hitting a daily transaction volume of 650,000.
DOGE In The Green
Per a Twitter user who goes by the handle Mishaboar and is an avid DOGE supporter, the recent spike in the Dogecoin network’s activity is mainly due to an emerging practice of packing tokens and various assets onto the blockchain. In a fascinating revelation, Mishaboar presented an intriguing market chart that showcased a remarkable milestone.
The daily transactions of Dogecoin reached an astounding 650,000, surpassing the transaction volumes of Bitcoin and Litecoin. The DOGE enthusiast linked this transaction surge to the growing appeal of minting tokens on the Dogecoin network, explicitly referencing the DRC20 standard.
It is worth mentioning that Mishaboar also drew attention to the keen insight of a prominent figure in the Dogecoin development community, Patrick Lodder. Impressively, Lodder had predicted the ongoing trend several days earlier, when the spike in daily transactions was already noticeable but had not yet reached the extraordinary levels the industry sees today.
Excitement And Skepticism
Although the recent development has stirred excitement within the DOGE community, some individuals remain skeptical and hold a contrasting view of the event. With the recent transaction volumes recorded in the Dogecoin ecosystem, many in the crypto space view the surge as an opportunity to assess the network’s scalability.
A Twitter user with the alias Uncle Chad doubts the possibility of users cramming tokens on the Dogecoin blockchain. Responding to Uncle Chad, Morgan Ralston, a former developer at Next Level Games, challenged the DOGE community.
Ralston requested that they show evidence that the DOGE chain can handle tasks that Bitcoin has struggled with. Meanwhile, another passionate crypto advocate, Martin Stauber, objected.
He stated that the transaction data he analyzed does not prove the earlier assertion that specific individuals are attempting to overload the Dogecoin network with DRC20 standard tokens and other miscellaneous assets. Stauber made an intriguing claim, stating that the entirety of the traffic on the DOGE network originated from a limited number of wallets.
Notably, these wallets exhibited an astonishingly high transaction count, surpassing 5,000 transactions within three days, contrasting their initial result.
DOGE Records Massive Upswing In On-Chain Activities
DOGE experienced a notable upswing in on-chain activity at the beginning of this year, primarily driven by whale transactions and increased engagement from active addresses. The report highlighted a remarkable statistic: the DOGE network recorded an impressive count of 86.4K active addresses, marking the largest consecutive two-day daily active addresses since November.
In another development, the memecoin space has continued to record increased hype, with the PEPE token seeing an unprecedented activity spike in the last few days. The asset has turned early investors into millionaires as the digital currency industry is buzzing with the hype of the tokens.
Meanwhile, Dogecoin trades at $0.072674, up 0.7% from its previous day’s trading.
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