Daily Transactions of Dogecoin Beats Bitcoin & Litecoin
Dogecoin has overtaken established cryptocurrencies Bitcoin and Litecoin in terms of transaction volume, according to recent trends. This has been attributed to the increased use of Dogecoin’s own ‘DRC-20’ tokens, which are being marketed as a BTC-20 offshoot with comparable features. The rise in activity has also led to a concentration of holdings in a small number of wallets, and commentators have suggested that Dogecoin should focus on its use case as a “people’s currency” to continue scaling. Despite the increased activity, Dogecoin’s price has remained stagnant, trading at between $0.071 and $0.073 with a volume of over $271 million. Additionally, 49% of Dogecoin holders are “in the money” at current prices, according to IntoTheBlock data. However, dogecoin is still 90% away from its all-time high price of $0.73, which it reached in 2021.
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