DOGE Sees Record High Daily Transactions, Surpassing Bitcoin as Price Prepares for Recovery
Dogecoin, the world’s largest meme coin, has experienced a surge in daily transactions, reaching a record high of 650,000 on May 15, surpassing both Bitcoin and Litecoin. This high level of activity has boosted Dogecoin’s price, which has recovered from recent lows to reach $0.0728. The surge in transactions is due in part to the Dogecoin network’s DRC20 standard, which was inspired by Bitcoin Ordinals’ BRC20 and Litecoin’s LTC20 token standard. The increased on-chain activity has fueled a recovery in the meme coin’s price, with DOGE facing potential resistance at $0.0783. The Fibonacci retracement from $0.1600 in November 2022 to $0.0622 in mid-March 2023 has identified key resistance levels for Dogecoin, with three key resistances in its price rally to reach its $0.1105 target. However, should the price of Dogecoin fall below support at $0.0682, it could invalidate the bullish thesis and see a drop to the March low of $0.0622.