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Dogecoin (DOGE) Transactions Go Parabolic

Mon, 05/29/2023 - 06:14
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Alex Dovbnya
Dogecoin, a digital asset born as a meme, has charted an unprecedented rise in transaction volume
Dogecoin (DOGE) Transactions Go Parabolic
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Dogecoin, an oft-underestimated digital asset that began as a meme, has recently witnessed an extraordinary growth in its transaction volume.

In early May, the currency was barely making a mark, processing less than 20,000 transactions per day, a figure that resonated with its position on the sidelines of the crypto arena.

The sudden and remarkable acceleration continued, with the transaction count hitting 1.152 million on May 25, slightly up to 1.162 million the following day, and finally breaking the 2 million mark on May 27.

This astonishing increase drove Dogecoin's transaction volume to a new all-time high, making it the first time the meme-coin outperformed Bitcoin’s peak transaction volume in 14 years.

Dogecoin (DOGE) Reaches All-Time High in This Metric, Price Goes Green
The key catalyst behind this rapid evolution can be traced back to an intriguing trend: the rampant minting of DRC20 tokens on the Dogecoin chain. This flurry of activity, fueled by Dogecoin's attractive low transaction fees, led to a torrent of transactions and a significant increase in network activity.

Despite the increased transaction volume, the price performance of Dogecoin has remained relatively stable. As of the most recent data, the price of Dogecoin stands at $0.073444, reflecting a modest 0.8% increase over the day and a 2.5% gain over the past week. 

It's yet to be seen how this activity will impact the price of Dogecoin in the long term.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at