Dogecoin Experiences Rapid Growth in Transaction Volume

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Dogecoin Experiences Rapid Growth in Transaction Volume

Trending meme coin Dogecoin (DOGE) experiences an impressive growth in its transaction volume over the weekend. In a stunning development, the world’s leading meme coin witnessed astonishing growth in its trade volume.

Dogecoin has somewhat been on the sidelines since the beginning of May, getting overshadowed by the likes of PEPE and Shiba Inu (SHIB). The coin was processing fewer daily transactions, up to 20,000 per day.

However, in the past week, on May 25, Dogecoin started an acceleration that saw its daily transaction rise to over 1.1 million. The following day, the transaction rose slightly to 1.16 million. Consequently, on May 27, the transaction volume finally broke the 2 million mark.

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The rapid and impressive increase pushed its transaction volume to a new ATH (all-time high). As a result of this astounding growth, Dogecoin’s transaction volume reached a new record high, surpassing Bitcoin’s peak transaction volume for the first time in 14 years.

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Possible reason behind the surge

The new surge in Dogecoins (DOGE) transaction volume can be attributed to the widespread minting of the new DRC20 token on the Dogecoin blockchain. Due to Dogecoin’s alluringly cheap transaction fees, there was a frenzy of activity that resulted in a flood of transactions and a considerable rise in network activity.

However, regardless of the increase in transaction volume, the price of Dogecoin (DOGE) seems to not be impacted. The exact effect of the transaction volume increase on the price of DOGE is yet to be realized, hopefully, we will see it in the coming days.

Dogecoin (DOGE) price today

According to data from CoinMarketCap, the price of DOGE today is $0.07325. It is up 1.32% in the last 24 hours. What’s more, Dogecoin is ranked #8 on the CoinMarketCap chart with a live market cap of $10,210,147,365. Finally, Dogecoin has a circulating supply of  139,543,126,384 DOGE.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.