Dogecoin, a digital asset born as a meme, saw an unprecedented surge in trading volume
Dogecoin, an often underestimated digital asset that started out as a meme, recently witnessed extraordinary growth in its volume of transactions.
By early May, the currency was barely making its mark, processing less than 20,000 transactions per day, a figure that resonated with its position on the fringes of the crypto arena.
The sudden and remarkable acceleration continued, with the number of transactions reaching 1.152 million on May 25, rising slightly to 1.162 million the following day, and finally crossing the 2 million mark on May 27.
This astonishing increase propelled Dogecoin’s trading volume to a new all-time high, making it the first time the meme-coin has surpassed Bitcoin’s peak trading volume in 14 years.
The main catalyst for this rapid evolution can be traced back to an intriguing trend: the rampant minting of DRC20 tokens on the Dogecoin chain. This flurry of activity, fueled by Dogecoin’s attractively low transaction fees, resulted in a torrent of transactions and a significant increase in network activity.
Despite the increase in trading volume, the price performance of Dogecoin remained relatively stable. According to the most recent data, the price of Dogecoin stands at $0.073444, reflecting a modest increase of 0.8% during the day and a gain of 2.5% over the past week.
It remains to be seen how this activity will impact the price of Dogecoin in the long term.