Daily Dogecoin transactions hit an All-Time High (ATH) of 650k, surpassing Bitcoin (BTC) and Litecoin (LTC), as users cram tokens on the network with skepticism and excitement.
In a surprising turn of events, the daily transaction volume of the most prominent meme coin, Dogecoin (DOGE), has skyrocketed to an all-time high, surpassing the transaction volumes of Litecoin (LTC) and that of the most widely accepted crypto, Bitcoin (BTC).
According to a DOGE enthusiast with the username Mishaboar on Twitter, the sudden surge in activity on the Dogecoin network is primarily attributed to a growing trend of cramming tokens and other assets on top of the blockchain.
Mishaboar shared a market chart, highlighting that the daily Dogecoin transactions peaked at an astonishing 650,000, eclipsing Bitcoin and Litecoin’s transaction volumes. He attributed the transaction surge to the rising interest in minting tokens on the Dogecoin network, the DRC20 standard.
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" over the past two days. pic.twitter.com/Vt60MxX1no
— Mishaboar (@mishaboar) May 15, 2023
Additionally, Mishaboar noted that a prominent Dogecoin developer, Patrick Lodder, had foreseen the current trend a few days prior when the surge in daily transactions was still notable but had not reached today’s unprecedented levels.
Crypto Community Reacts
While the development excited some DOGE community members, some other people expressed skepticism and shared a contrary view.
Twitter user Uncle Chad doubted the possibility that some people creating sh.t tokens were trying to cram them on the Dogecoin blockchain. In response, Morgan Ralston, a former developer at Next Level Games, asked the DOGE community to prove that the DOGE chain could handle what Bitcoin could not.
Let them prove that doge chain can handle what bitcoon couldn't.
— Morgan Ralston (@MorganRalston) May 15, 2023
Similarly, crypto enthusiast Martin Stauber contested that the transaction data he looked at does not support the previous claim that some “folks are trying to cram tokens (DRC20 standard) and other stuff on top of the Dogecoin network.”
Stauber claimed that all the traffic on the DOGE network was coming from quite a few wallets, some with massive transaction count exceeding 5,000 within three days compared to when they were first created.
@inevitable360 All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.https://t.co/cryfl2m1t8
They aren't transferring small amounts of money either. Lots and lots. pic.twitter.com/8MLAmaFWYo
— Martin Stauber (@UsaRandom) May 14, 2023
Massive Transactions on DOGE
According to a previous report from TheCryptoBasic, DOGE witnessed a significant surge in on-chain activity early this year, resulting from whale transactions and active addresses. The report noted that the DOGE network saw 86.4k active addresses, representing the highest two-day streak of daily active addresses since November.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
