IT engineer Billy Markus, who created the leading meme cryptocurrency Dogecoin together with Jackson Palmer in 2013 as a parody on Bitcoin, has shared his take on why DOGE transactions reached a major daily record of more than a million earlier this week. This surge in transactions was also followed by a substantial DOGE price rise.
DOGE transactions surge, Billy Markus suggests big reason
An anonymous DOGE-themed account @itsALLrisky with an impressive 346,400 followers on the X platform shared a screenshot that shows a massive spike in Dogecoin transactions — it surpassed 1 million.
Data provided by Blockchair confirms that DOGE record. Billy Markus, who goes by the nickname Shibetoshi Nakamoto on X, suggested that the most likely reason is that the Dogecoin chain is being actively used for transferring Ordinals and s-coins.
Within the Dogecoin community, DOGE Ordinals are known as "Doginals," and they are built thanks to the recently launched DRC-20 token standard on the Dogecoin chain. Now, users will be able to create crypto tokens and NFTs on this blockchain. This is what Markus was referring to in his comment.
While the first major blockchain to allow launching NFTs and tokens via its ERC-21 and ERC-20 standards was Ethereum, it was followed by other chains, such as Solana and others launching similar functionality. Not so long ago, the Bitcoin chain also began to provide tools for creating NFTs (Ordinals).
About five months ago, the Dogecoin network joined that cohort.
In June, when DRC-20 was launched, the transaction spike on the DOGE chain surpassed 2 million within a single day.
Elon Musk thanks DOGE co-founder personally
Elon Musk, a vocal Dogecoin fan and its big holder, is known to have an "internet friendship" with DOGE creator Markus. They often exchange comments on the X app and seem to be on the same page on various topics and issues.
Billy Markus often supports Musk and his innovations on X, since he is a frequent user of this platform and Musk has introduced several tools that allow creators to improve their content making (such as longreads and live video broadcasting) and also make some profit on that — the Monetization and Subscription features.
On Friday, Markus tweeted that the community should really support the X app as much as they can since Elon Musk is doing his best to protect the freedom of speech on it. He then got a comment from the X owner where he thanked the DOGE co-founder and for the first time called him by name.
This made it look like this gratitude was personal for Musk this time.