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Daily DOGE transactions soar 8,820% in May; Here’s why

Daily DOGE transactions soar 8,820% in May; Here’s why

As bulls and bears continue to fight for domination of the cryptocurrency market, the price of Dogecoin (DOGE) has been no exception. However, the dog-themed meme crypto asset has recently achieved impressive results in a different field – the number of daily transactions.

Specifically, daily transactions of Dogecoin have seen a whopping 8,220% increase in May, from around 25,000 to a peak of 2.08 million on May 27, according to the information shared by the cryptocurrency analytics platform IntoTheBlock on May 31.

Daily DOGE transactions. Source: IntoTheBlock

Additionally, on top of its transaction volume recording a new all-time high (ATH), this was the first time in 14 years that Dogecoin outperformed the peak transaction volume of the flagship decentralized finance (DeFi) asset – Bitcoin (BTC).  

What is driving the growth?

Notably, such tremendous results in DOGE network activity seem to stem from the rapidly increasing trend of minting digital assets with a DRC-20 standard on the Dogecoin blockchain, in combination with the network’s low transaction fees.

Indeed, following the popularity of the BRC-20 tokens on the Bitcoin chain, the DOGE community has implemented a similar model that allows the minting and trading of assets on the Dogecoin chain, similar in function to ERC-20 tokens on the Ethereum (ETH) network.

Dogecoin price analysis

Meanwhile, the price of Dogecoin has not yet reflected the massive growth in daily transaction volume, having dropped by 0.16% in the last 24 hours and 8.84% over the previous month, whereas, across the past seven days, its price has increased by 1.72%, and currently stands at $0.07155.

Dogecoin 30-day price chart. Source: Finbold

It is also worth noting that several finance experts have earlier shared their opinion on the price of Dogecoin by the end of this year, with their projections ranging from $0.08 to $0.1, as Finbold reported on May 18.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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