Dogecoin (DOGE) Transactions Surge 8,220% Last Month

Updated: 12 months

• Data from the market intelligence platform IntoTheBlock reveals that Dogecoin (DOGE) daily transactions significantly spiked in May.
• The number of daily transactions over the popular dog-themed meme asset skyrocketed by 8,220%, hitting a peak of above two million, a new all-time high.
• This spike is attributed to the introduction of the DRC-20 standard which allows developers to create tokens on the DOGE blockchain and represent ownership of an asset.

Dogecoin (DOGE) Transactions Spike 8,220% Last Month

New data from market intelligence platform IntoTheBlock shows that daily transactions over Dogecoin (DOGE) has significantly increased last month. The number of daily transactions for this popular meme asset skyrocketing by 8,220% and reaching a new all-time high with a peak of above two million.

Reason Behind Increase in Transactions

This surge is attributed to the introduction of the DRC-20 standard on May 9th. This set of rules allows developers to create tokens on Dogecoin’s blockchain and represent ownership of an asset similar to Bitcoin’s BRC-20 standard. After its introduction, transaction numbers grew from 48,547 to 456,491 before dropping back down to 88,453 but soon skyrocketed again on May 17th with 1.1 million transactions.

Dogecoin Price Action

At time of writing, Dogecoin is trading at $0.72 with a fractional increase during the last 24 hours.

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Conclusion

It appears that this increase in transaction numbers can be attributed to the introduction of the DRC-20 Standard which allowed developers more flexibility when creating tokens using Dogecoin’s blockchain network as well as representing ownership within those tokens compared to Bitcoin’s BCR-20 Standard . With Dogecoins price increasing fractionally during these past 24 hours it will be interesting to see how these transaction numbers continue in upcoming months and what other announcements may come out surrounding this meme coin!

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