Dogecoin transaction volume overtakes Bitcoin’s

The transaction volume on the Dogecoin (DOGE) blockchain reached an ATH of 628,209, surpassing Bitcoin and Litecoin.

According to community speculation, this dynamic is linked to activity around tokens of the DRC-20 standard, which allow creating new digital assets atop the blockchain.

A Twitter user named Mishaboar said that the lead developer of the meme cryptocurrency, Patrick Lodder, predicted this trend a few days earlier. At that time the spike in transactions was noticeable but had not yet reached record levels.

#Dogecoin developer @patricklodder touched on this argument a few days ago, when the increase was significant but still not to today’s levels.

Check Patrick’s thread below, and use his website https://t.co/3gg8Hnr2kg for easy to read #Dogecoin block analysis (hint: there is a…

— Mishaboar (@mishaboar) May 15, 2023

Crypto enthusiast Martin Stauber disputed the claim that the rise in transaction counts was driven by DRC-20 tokens. According to his data, the main traffic came from several large addresses making small transfers. One such wallet sent 5,766 transactions in a day. 

@inevitable360 All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.https://t.co/cryfl2m1t8

They aren’t transferring small amounts of money either. Lots and lots. pic.twitter.com/8MLAmaFWYo

— Martin Stauber (@UsaRandom) May 14, 2023

In recent days, unprecedented activity has occurred in the Dogecoin blockchain. According to DogeWhaleAlert, on May 11 an unknown entity moved 13.07 million DOGE ($927,413) to several addresses, spending $0.26 in fees. The transaction followed Elon Musk announced his departure from the Twitter CEO post. 

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13,070,441 $DOGE ($927,413 USD) was transferred from multiple wallets to an unknown wallet.

Fee: 3.63 ($0.26 USD)

Tx: https://t.co/jVnoMwNCyA#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2023

Despite the spike, DOGE’s price hardly budged — it fell 1.1% over the past 24 hours. As of writing, the asset trades at $0.072327, according to CoinGecko.

In April, Bloomberg Intelligence senior strategist Mike McGlone criticized meme tokens DOGE and SHIB, calling them “naturally speculative assets”. He also stressed the need to cleanse the market of “harmful” assets to pave the way for a “more reliable cryptocurrency landscape”.