The world’s largest meme-based cryptocurrency, Dogecoin (DOGE), has recorded a surge in its number of on-chain transaction volumes per day.Â
According to data on BitInfoCharts, the number of Dogecoin daily transactions has soared over 75,000 in the last 24 hours, suggesting a rapid increase in user activity.
At the time of writing this line, the number of Dogecoin daily transactions per day is currently around 75,421, BitInfoCharts’ data show.
It is noteworthy that this is the highest volume of daily transactions seen for the world’s largest meme cryptocurrency in the last 14 months.
The last time Dogecoin’s daily transactions count surged above 75,000 was on May 9, 2021. The number of daily transactions reached 82,000 at the time. The period also corresponds to when the cryptocurrency’s price hit an all-time high of $0.73.
Reactions Trail Dogecoin’s Rising Transaction Volume
Meanwhile, the massive increase in Dogecoin’s daily transaction volume has sparked reactions from many DOGE enthusiasts, who took to various social media platforms to celebrate the achievement.
The feat was also celebrated by Billy Marcus, the co-creator of Dogecoin, who tweeted recently, saying:
“Nice, the dogecoin blockchain transactions are spiking.”
nice, the dogecoin blockchain transactions are spiking pic.twitter.com/P6jaf4cwhF
— Shibetoshi Nakamoto (@BillyM2k) July 17, 2022
What’s Fueling Dogecoin’s Transaction Volume
A spike in the daily transaction volume of a particular cryptocurrency usually suggests rising interest in the asset class. It could mean that enthusiasts of the cryptocurrency may be selling or buying the cryptocurrency rapidly, thus bolstering the number of daily transactions.
While it is unclear what caused the spike in the number of Dogecoin daily transactions, some cryptocurrency holders attributed the growth to the latest initiative by MyDoge Wallet, a self-custodial Dogecoin wallet.
MyDoge Wallet noted in an announcement yesterday that it has launched memes to Dogecoin’s metaverse.
“MyDoge welcomes memes to the dogeverse! Come for the memes, stay for the shibes,” MyDoge noted in an announcement.
MyDoge welcomes memes to the dogeverse! ?
Come for the memes, stay for the shibes! pic.twitter.com/cljwqVJM3s— MyDoge Wallet (@MyDogeOfficial) July 17, 2022
DOGE Soars 1.5% in 24 Hours
Meanwhile, the spike in the number of Dogecoin transactions did not have much impact on the price of DOGE. In the last 24 hours, Dogecoin has been changing hands between $0.063 and $0.0657 across major exchanges. At press time, the cryptocurrency is trading around $0.0654, up 1.5% in the past day.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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