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Dogecoin Overtakes Bitcoin on the Basis of Trade Volume


Dogecoin (DOGE) has the highest 24-hour trade volume on the blockchain among all cryptocurrencies, surpassing both Bitcoin and Litecoin . The community believes this trend is tied to the emergence of tokens compliant with the DRC-20 standard which makes it possible to build new digital assets atop the blockchain .

The Surge May be Caused 

Mishaboar, a Twitter user said that Patrick Lodder, the meme coin’s main creator, had foreseen this movement a few days earlier . The subsequent uptick in activity was notable although it has yet to set any records.

Martin Stauber, a crypto enthusiast, cast doubt on the explanation that DRC-20 tokens caused the sudden increase in trade volume . His findings indicated that a small number of very big addresses were responsible for the majority of the traffic . Each day 5766 transactions were sent from one of these wallets.


This Surge in Transactions Did Not Affect Dogecoin’s Price

The Dogecoin blockchain has seen extraordinary levels of activity in recent days . DogeWhaleAlert reports that an unknown individual sent 13.07 million DOGE ($927,413) to several locations on May 11. The costs for this transaction were $0.26 . 

Despite the increase in activity the DOGE rate has stayed quite stable, dropping by just 1.1% over the course of the last da . According to statistics from Coinmarketcap the current price of the asset is $0.07331. (05.17.2023)

Mike McGlone, a senior analyst at Bloomberg Intelligence, was critical of DOGE and SHIB meme coins back in April, calling them “naturally speculative assets.” Additionally he emphasized the need of cleaning the market of “harmful” assets to make room for a “more robust cryptocurrency landscape .”

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