von • Dogecoin (DOGE) daily transactions surged 8,220% in May according to IntoTheBlock.
• This surge was caused by the introduction of the DRC-20 standard on the DOGE blockchain.
• The number of daily transactions over Dogecoin peaked at 2 million in May, setting a new all-time high.
Dogecoin (DOGE) Transactions Surge 8,220%
Data from market intelligence platform IntoTheBlock shows that Dogecoin (DOGE) experienced a massive surge in its daily number of transactions over the course of May. On Saturday May 17th, the popular meme asset reached an all-time high peak of above two million transactions per day – an increase of 8,220%.
Cause Of The Surge
This surge can be attributed to the introduction of the DRC-20 standard on May 9th. This set of rules allows developers to create tokens on the Dogechain and represents ownership or control over an asset, rather than being used as currency. After this implementation, transaction numbers rose from 48k to 456k within days before dropping back down to 88k – but then skyrocketed to 1.1 million shortly after.
Dogecoin Price Action
At time of writing Dogecoin is trading for $0.72 with a fractional increase during the last 24 hours.
Conclusion
Overall, these figures indicate that there’s been a significant rise in interest towards Dogecoin and its potential applications due to its increased usage. It will be interesting to see how it continues to develop and evolve in 2021 and beyond as more people become aware about this project and its capabilities.
Disclaimer
The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets as investments can have substantial risk involved including considerable losses which investors should be aware of when considering making investments in digital assets or cryptocurrencies.
