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.
Yuri MolchanDespite 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.
Yuri Molchan
Vladislav Sopov
Dan Burgin