What is the reason behind the soaring daily transactions of Dogecoin (DOGE)?

Daily transactions on the Dogecoin network have hit an all-time high of 650,000, surpassing transactions on Bitcoin and Litecoin. The surge is likely due to increased interest in minting DR20 tokens, a new type of digital asset, on the Dogecoin network, and an opportunity to test its scalability. The spike in activity has also increased Dogecoin prices by 1.18% in the past 24 hours, though the currency has still experienced cuts over the past week. Dogecoin developers have been ramping up efforts to bolster the network, with the creation of a new fund to support its development throughout the year and the publication of blog posts around the ecosystem. Elon Musk has also been responsible for pumping the prices of Dogecoin on several occasions through social media references and memes.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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