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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