Dog-themed cryptocurrency Dogecoin (DOGE) has conspicuously displayed dominance in network transactions among its peers.
According to IntoTheBlock, Dogecoin shows dominance in the number of transactions, or "transaction count," beyond other dog coins such as Shiba Inu, Floki and BONE, and meme coins such as PEPE and LADYS.
IntoTheBlock posted a chart depicting such dominance and captioned it, saying, "One could argue that the memecoin wars aren't about utility. Nonetheless, Dogecoin's dominance in the number of transactions is unmistakable."
Dogecoin's transaction count spike reflects its high level of activity and adoption and its potential use cases as a payment system and a tipping currency.
Dogecoin, which was created in 2013 as a joke inspired by the viral "doge" meme picturing a Shiba Inu dog, has gained popularity and garnered support from Tesla CEO Elon Musk.
DOGE price action
Dogecoin (DOGE) experienced an unexpected jump, rising more than 14% to highs of $0.097 on Jan. 20 following the announcement of X's (previously Twitter) Xpayments account.
Dogecoin has already retraced from its highs, wiping out nearly all of the gains from the weekend's rise. DOGE was down 6.72% in the previous 24 hours to $0.076 at the time of writing, mirroring the rest of the crypto market.
Bitcoin, the largest cryptocurrency by market capitalization, fell below $39,000 during Tuesday's European trading hours, undoing virtually all of the previous two months' gains achieved in expectation of spot exchange-traded fund (ETF) approvals in the United States.
If Dogecoin closes in the red today, it will have seen three consecutive days of significant declines. Meanwhile, all attention is focused on the $0.074 support, which halted Dogecoin's falls twice in January, ahead of the major support at the daily SMA 200 at $0.073.
On the upside, Dogecoin would need to breach the daily SMA 50 at $0.088 once more to ignite a new upswing that may reach the $0.1 mark.