The Dogecoin Surge: Unveiling The Catalyst Behind Rising Transactions
November 27 2023 - 10:00AM
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In the last month, Dogecoin (DOGE) has observed a notable upswing
in transactions surpassing the $100,000 mark, coinciding with a
substantial surge in the price of this meme-based cryptocurrency.
The abrupt increase in both transaction volume and price suggests a
heightened level of interest in Dogecoin, particularly from major
financial entities recognized as “whales” and institutional
investors. Billy Markus, an IT engineer, co-created the prominent
meme-based cryptocurrency alongside Jackson Palmer in 2013.
Originally conceived as a satirical imitation of Bitcoin, Markus
has recently offered his perspective on the significant surge in
daily DOGE transactions, which surpassed 1 million earlier this
week. Dogecoin Transactions Grow The increase in transactions on
the Dogecoin blockchain has been formally ascribed to an upsurge in
trading of meme coins and an escalation in activity associated with
Doginals, as verified by Markus, known as Shibetoshi Nakamoto on X.
Related Reading: Analyst’s Crystal Ball: XRP Bulls Eyeing $40 Price
Target, Despite Doubts In response to a community member’s concern
over the abrupt surge, Markus provided clarification that the
upswing in blockchain transactions is causally connected to the
heightened trading activity of meme coins and the active
participation of Doginals inside the Dogecoin ecosystem. Dogecoin
transactions are going parabolic Does anyone know why?
pic.twitter.com/qBRQGiLhOp — 💸💸💸 (@itsALLrisky) November 24, 2023
The crypto market cap at $1.38 trillion per TradingView.com
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding
$100,000 in the past month, consistently hitting new highs. This
uptick suggests increased interest in #DOGE from institutional
players and whales, potentially gearing up for a significant price
spike. pic.twitter.com/UpxVkfu9hW — Ali (@ali_charts) November 23,
2023 Meanwhile, the data presented by Blockchair substantiates the
record achieved by DOGE. Markus suggested that the primary
rationale behind this phenomenon is the active utilization of the
Dogecoin blockchain for the purpose of transferring Ordinals and
low-value cryptocurrencies. Dogecoin transaction count chart.
Source: Blockchair The Doginals experiment was initially introduced
in the month of May. During that period, the developers expressed
their intention for it to function as a faithful replication of
Bitcoin Ordinals. The experiment yielded successful results, which
is of notable interest. Users possessed the capability to engrave
both images and textual content onto the Dogecoin blockchain.
Doginals refer to the constituent components of Dogecoin, wherein
every element represents a distinct entity known as a “Shibe”
within the underlying Dogecoin network. These components are
further distinguished by the inclusion of additional data, such as
textual information or visual imagery. Image: Doginals FEPE,
Medium. Overview Of The Doginals DRC20 Standard The recently
introduced Doginals DRC20 standard enables Dogecoin nodes to encode
data onto individual Shibe entities, resulting in the creation of a
Doginal. The term “Shibe” has a parallelism with the Bitcoin
counterparts “Satoshi” or “Sat”. In contrast to Doginals, DRC-20
tokens possess the capability to be exchanged in a manner
consistent with conventional cryptocurrencies. The aforementioned
S-coins were the subject of Markus’ discourse in his online
publication. Related Reading: BLUR Clears The Way With 80% Blowout
– Will Price Continue Soaring? The initial development of enabling
non-fungible tokens (NFTs) and tokens through the ERC-21 and ERC-20
standards by Ethereum was a significant milestone in the blockchain
industry. This innovative capability has since been embraced by
other blockchain networks, such as Solana. At the time of writing,
DOGE was trading at $0.080, up 2.8% in the last day, and gained
0.2% in the last seven days, data from Coingecko shows. (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Pexels
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