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A cryptocurrency that was launched as a joke and often overlooked, Dogecoin (DOGE) has transformed into a billion-dollar altcoin project, bolstered by the support it received from renowned billionaire Elon Musk. With a market cap of $10.23 billion and a 1.23% rise in the last 24 hours, trading at $0.07333, DOGE, though quiet in terms of price, is witnessing an exceptional increase in the number of transactions on its network.
Beats Bitcoin for the First Time in 14 Years
In early May, there was a notable increase in the number of transactions on the Dogecoin network. Although the number of transactions was below 20,000, it had piqued the interest of the crypto world. Since then, the ‘meme coin’ has seen a steady recovery in transaction numbers, and the number of transactions performed on the vast altcoin’s network is now rising in an abrupt and attention-grabbing manner.
With the ongoing increase, the number of transactions on the network reached 1.15 million on May 25. On May 26, it rose slightly more to 1.16 million. Ultimately, by May 27, the number of transactions on the Dogecoin network exceeded an impressive level of 2 million. This surprising surge led Dogecoin’s transaction volume to reach an all-time high, surpassing the record transaction number on the Bitcoin (BTC) network for the first time in 14 years.
It Remains Unclear Whether It Will Affect the Price
The rapid increase in the number of transactions performed on the Dogecoin network is backed by an intriguing trend: the swift minting of DRC20 tokens on the Dogecoin Blockchain. This wave of activity, supported by the enticing low transaction fees on the Dogecoin network, has led to a surge of transactions and a significant increase in network activity.
Despite the increase in the number of transactions, the price performance of Dogecoin has remained relatively unchanged. Currently trading at $0.07333, Dogecoin has gained 1.42% in the last 7 days, while it has lost 9.34% in the last 30 days. How the record-breaking number of transactions on the network will affect DOGE’s price is yet to be determined.
