Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dogecoin (DOGE), the world's first and biggest meme coin, is recording a number of impressive transaction growth milestones beating those of Bitcoin (BTC) and Ethereum (ETH). According to crypto insights provider WhaleWire, Dogecoin is now ranked the most traded cryptocurrency in the world.
WhaleWire attributed this transaction growth to the emergence of the DRC-20 token standard in the memecoin's ecosystem. While the data accounted for by WhaleWire revealed that the Dogecoin network recorded and processed a total of four million transactions between May 27 and 28, the performance of the digital currency has continued to grow.
Dogecoin network's news platform Doge Whisperer also revealed that about two million transactions were processed on the protocol over the past 24 hours.
2 million transactions in the past 24 hours, a new all time high for #Dogecoin
— Doge Whisperer 🐕 (@TDogewhisperer) May 29, 2023
Even higher than Bitcoin’s peak in 14 years pic.twitter.com/6CL3vv862F
What is impressive about the latest strides in DOGE transactions is that they are higher than those of Bitcoin at its all-time high. This massive transaction activity is regarded as a solid boost for Dogecoin and may account for the more than 2% growth in the price of the asset as of the time of writing.
Dogecoin is changing hands at $0.07382, per data from CoinMarketCap.
Dogecoin transaction growth trigger
The digital currency's transaction volume growth was triggered by the growing clamor for DRC-20, as mentioned earlier. This token standard will permit the development of new tokens that can take up network fees and thus bolster the underlying utility of the DOGE token.
The DRC-20 has also been tipped as the possible foundation for boosting the future of the Dogecoin protocol as a Decentralized Finance (DeFi) hub. While the emergence of this standard is not without its flaws and criticisms, it has helped revive interest in Dogecoin at a time when more recent meme coins are beginning to take center stage in the retail world across the board.
Whether or not this transaction boost will be sustained is another conversation, but for now, it is placing Dogecoin in the limelight.
Arman Shirinyan
Alex Dovbnya
