The volume of transactions in the blockchain of the meme-cryptocurrency Dogecoin (DOGE) has reached ATH at 628,209, ahead of Bitcoin and Litecoin.
According to the community, this dynamic is related to the activity around the DRC-20 standard tokens, which allows the creation of new digital assets on top of the blockchain.
Twitter user Mishaboar claimed that the lead developer of the meme-cryptocurrency, Patrick Lodder, predicted this trend a few days earlier. Then the surge in transactions was noticeable, but has not yet reached record levels.
#dogecoin developer @patricklodder touched on this argument a few days ago, when the increase was significant but still not to today’s levels.
Check Patrick’s thread below, and use his website https://t.co/3gg8Hnr2kg easy to read #dogecoin block analysis (hint: there is a…
— Mishaboar (@mishaboar) May 15, 2023
Crypto enthusiast Martin Stauber disputed the claim that the surge in transactions was due to DRC-20 tokens. According to his data, the main traffic came from several large addresses that made small transfers. One of these wallets sent 5766 transactions per day.
@inevitable360 All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.https://t.co/cryfl2m1t8
They aren’t transferring small amounts of money either. Lots and lots. pic.twitter.com/8MLAmaFWYo
— Martin Stauber (@UsaRandom) May 14, 2023
In recent days, there has been unprecedented activity on the Dogecoin blockchain. According to DogeWhaleAlert, on May 11, an unknown person moved 13.07 million DOGE ($927,413) to several different addresses, spending $0.26 in fees. The transaction comes after Elon Musk announced his resignation as CEO of Twitter.
🐕🪙🐋🚨
13,070,441 $DOGE ($927,413 USD) was transferred from multiple wallets to an unknown wallet.
Fee: 3.63 ($0.26 USD)
Tx: https://t.co/jVnoMwNCyA#DogecoinWhaleAlert #WhaleAlert #dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2023
Despite the surge in dynamics, the DOGE exchange rate remained almost unchanged – over the past day, the coin has lost 1.1% in price. At the time of writing, the asset is trading at $0.072327, according to data CoinGecko.
Recall that in April, Bloomberg Intelligence senior strategist Mike McGlone criticized the DOGE and SHIB meme-tokens, calling them “naturally speculative assets.” He also stressed the need to clear the market of “harmful” assets in order to pave the way for a “more robust cryptocurrency landscape.”
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