Daily transactions for dogecoin, the meme-based cryptocurrency, soared to an all-time high, surpassing bitcoin and litecoin.
With a record of 650,000 transactions, dogecoin’s network activity surpassed other major tokens.
Dogecoin on-chain activity surges
In recent times, there has been a notable surge in on-chain activity within the dogecoin network, which can be primarily attributed to the adoption of the DRC20 token standard.
The Dogecoin community embraced the DRC20 standard, leading to a significant increase in activity and establishing a new transaction record for this memecoin.
Growing popularity of memecoins
The rise of dogecoin’s transaction volume highlights the growing popularity of memecoins within the cryptocurrency market.
PEPE in particular has been in the headlines in recent times. This memecoin witnessed an explosive growth rate, with its price surging by 1,200% between the end of April and May 5.
The increased interest in memecoins can be attributed to their appeal to a broader audience and the attention they receive from social media and influential figures.
One such figure is Elon Musk, who has been in the spotlight due to his acquisition of Twitter and his love for the memecoin.
Musk’s fondness for DOGE and memecoins has drawn significant attention, and his actions often leads to powerful price movements in the crypto markets. For instance, on February 15, one of Musk’s tweets spurred a rally for both dogecoin and floki.