New data from the market intelligence platform IntoTheBlock reveals that the daily number of transactions over Dogecoin (DOGE) significantly spiked in May.
According to the crypto analytics firm, the number of daily transactions over the popular dog-themed meme asset skyrocketed by a staggering 8,220% last month, hitting a peak of above two million, a new all-time high.
“No, there’s nothing wrong with this chart. Daily Dogecoin transactions saw an 8,220% increase this month, from around 25,000 to a peak of 2.08 million last Saturday.”
Earlier this month, blockchain tracker BitInfoCharts found that the number of transactions over DOGE rose past that of Bitcoin (BTC), the leading digital asset by market cap, after the introduction of the DRC-20 standard on May 9th.
The DRC-20 standard, which is similar to the king crypto’s BRC-20 standard, is a set of rules that developers can use to create tokens on the DOGE blockchain. Rather than be used as currency, they represent ownership of an asset.
At the time, transactions over the memecoin increased from 48,547 to 456,491. Just a few days later, that number jumped to 628,209 before dropping down to 88,453. However, on May 17th, that figure skyrocketed to 1.1 million.
Dogecoin is trading for $0.72 at time of writing, a fractional increase during the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney