DOGE Surpasses BTC And LTC In Network Activity, Here’s Why
Popular memecoin cryptocurrency Dogecoin (DOGE) has witnessed a massive surge in daily number of transaction, surpassing Bitcoin with total transaction reported to be 628.209k. The surge has followed surge in Dogecoin price, which is up 1.42%.
Surge In DOGE Transactions
The primary driver behind this unexpected spike in activity is the growing interest in minting DRC20 tokens, a new type of digital asset announced on the Dogecoin network.
Prominent Dogecoin community member Mishaboar has tweeted regarding this unprecented surge that:
Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 “standard”) and other stuff on top of the Dogecoin network.Many have been rushing to mint these “tokens” the past two days.
The surge in network activity comes as no surprise to Dogecoin developer Patrick Lodder, who had previously hinted at a significant increase in the network’s usage.
What It Means For DOGE Community?
However, the current levels of transaction volume have surpassed all expectations. Many in the crypto community view this surge as an opportunity to assess Dogecoin’s scalability, particularly for everyday transactions.
One community member, @SK_R402, expressed their intention to start up a node, emphasizing the importance of Dogecoin’s potential as a widely accepted global currency.
While the surge in transactions demonstrates the growing popularity of Dogecoin, concerns have been raised about potential network congestion. Mishaboar acknowledges these concerns, suggesting that activities like token minting should ideally be handled through dedicated Layer-2 solutions to avoid overburdening the main network.
Dogecoin is up 1.23% in the last 24 hours with trading volume of $198,103,201 in the same time period. It ranks on number 8 crypto memecoin on the CoinMarketCap.
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