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Tuesday, June 25, 2024

Dogecoin Sets New All-Time High With the DRC-20 Hype

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Dogecoin, DOGE, Meme coin

  • Dogecoin reached a high of over 1.1264 million in daily transactions.
  • The network has overtaken Bitcoin and Ethereum in terms of transaction volume.
  • DOGE price soared about 3% in the last 24 hours.

The DRC-20 counterparts of BRC-20 tokens have led to an enormous spike in Dogecoin’s transaction volume following the BRC-20 token frenzy in the Bitcoin network. The daily transaction volume of the OG memecoin witnessed a significant rally and surpassed Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) for the first time.

The “Memecoin Fiesta” has not yet ended. Now Elon Musk’s much-loved coin has grabbed investors’ attention and buzzed social media once again as the PEPE trend muted. The DOGE transaction volume soared tenfold and reached a lifetime peak due to the hype over the introduction of a new mechanism called the “DRC-20 token.”

Dogecoin Transaction Chart (Source: BitInfoCharts)

According to the data from BitInfoCharts, a crypto tracker platform, the network reached a high of over 1.1264 million transactions yesterday. On the other hand, there were 579.26K and 363.885K transactions for BTC and LTC, while ETH has 1.0436 million.

In addition, historical data shows that Dogecoin skyrocketed by over 97% in transactions. The DRC-20 token standard, which was rolled out on May 9, has a similar technical setup as BRC-20 tokens and has resulted in an immediate spike in DOGE network activity.

Market Status of DOGE

In recent times, DOGE has been a favorite of many crypto investors and celebrities. Also, the meme token craze still continues in the market, with significant price surges or new updates. Also, it has been in trend with a battle among the competitors.

At the time of writing, Dogecoin traded at $0.07405 with a 24-hour trading volume of over 328 million, which climbed about 75%. The DOGE price soared 2.5% in a day and 5.0% YTD.

Dogecoin (DOGE) Price Chart (Source: Tradingview)

The Dogecoin moving average is below the price of the memecoin, which indicates a bullish pattern for DOGE.

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