Transaction Volume of Dogecoin (DOGE) Exceeds Bitcoin (BTC) and Litecoin (LTC)
Dogecoin has surpassed Bitcoin and Litecoin in terms of transaction volume, recording 628,000 transactions on 13 May, the same day that Bitcoin recorded 575,000 transactions. The rise in transaction volume for Dogecoin is being attributed to the growing popularity of DRC-20 tokens within the network, which allow users to embed and transact text, audio, images and even video within a single Dogecoin unit. Notable Dogecoin developer Inevitable360 emphasised the meme coin’s remarkable performance and the increasing prominence of DRC-20 tokens as the driving force behind this surge in activity. Critics, however, argue that Dogecoin’s transaction volume may be influenced by a concentration of holdings, with a few wallets processing a significant number of transactions. Despite the impressive performance, Dogecoin’s price remained relatively stagnant, with a trading volume exceeding $271m and its price trading within a range of $0.071 and $0.073. Dogecoin is approximately 90% away from its all-time high price of $0.73 achieved in 2021, and its future trajectory and potential for sustained growth remains the subject of considerable speculation among crypto enthusiasts and investors.
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