Dogecoin Network Activity Surges – Trending cryptocurrency Dogecoin (DOGE) has experienced a spike in its daily network activities. The meme-inspired coin experienced an exponential surge in daily transactions. Dogecoin daily transactions saw an upward trend, reaching an all-time high (ATH) of 650,000, surpassing Bitcoin and Litecoin.
A DOGE influencer @inevitable360 on Twitter shared this update today. The data shows that Bitcoin’s daily transaction was at 575,495k, while Dogecoin stood at 628,209k.
#Dogecoin just exceeded #Bitcoin daily transactions đź‘€https://t.co/2AGuh3Jiq9 $Doge $BTC @Bitboy_Crypto @CryptosR_Us @intocryptoverse @scottmelker pic.twitter.com/Js512SjrqP
— inevitable360 (@inevitable360) May 14, 2023
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What caused the surge?
The new DRC20 token on the Dogecoin network has been getting attention lately, and there has been an increased interest in minting the new digital asset. Dogecoin’s unexpected spike in daily network activity can be attributed to the rise in interest in these new tokens.
Previously, there has been a hint of a significant increase in network activity by Patrick Lodder, a Dogecoin developer. However, that surge is nowhere close to today’s unequaled spike.
Reacting to this development, many enthusiasts in the crypto community suggest that the trend is a chance to test Dogegoin’s scalability. One user with the handle @SK_R402 added that they intended to build up their node, a component of the network that maintains a version of the blockchain, and urged that the emphasis should be on the currency’s potential for regular transactions.
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Furthermore, thoughts have been expressed that the increased network activity could potentially clog the Dogecoin network. Mishaboar, a well-known figure in the Dogecoin community, acknowledged these worries and recommended that, in order to avoid cluttering the main network, such activities should best be handled through separate Layer-2 solutions.
However, in spite of all these concerns, many Dogecoin users remain positive, saying that the surge might be a sign of good things to come in the Dogecoin network if it is to become a globally accepted currency.
Dogecoin (DOGE) price today
According to live data from CoinMarketCap, Dogecoin is selling at $0.07306 with a 24-hour trading volume of $198,103,201 USD. It is ranked #8 in the CoinMarketCap chart with a live market cap of $10,177,476,837 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.