dogecoinmanaged to surpass both Bitcoin and Litecoin by breaking records in daily transactions.
Inspired by internet memes DOGE, has quite a long history. As a matter of fact, the popularity of the asset does not date back to ancient times. According to the latest data, the huge increase in network activity attracted attention and broke the record with 650,000 daily.
The unexpected increase in transactions on the network seems to be related to the issuance of DRC20 tokens. The newly introduced DRC20 tokens managed to attract attention in a short time.
Dogecoin developer Patrick Lodder has previously hinted at a significant increase in network activity. While the increase at the time was significant, it was nowhere near the unprecedented levels it is today.
Cryptocurrency community, on the other hand, viewed this increase in the context of “scalability” and interpreted it as an opportunity. @SK_R402 suggested that the focus should be on DOGE’s potential for day-to-day transactions, adding that they plan to launch their nodes, which are part of the network that maintains a version of the blockchain.
Koinfinans.com However, as we reported, some concerns have been expressed about the increased activity potentially clogging the Dogecoin network. Mishaboar, a prominent figure in the Dogecoin community, acknowledged these concerns, suggesting that such activities should ideally be handled through dedicated Layer-2 solutions to avoid mainnet congestion.
Despite these potential challenges, many users remain optimistic and suggest that this increase in transactions could be a sign of things to come if Dogecoin becomes a widely accepted global currency.
You can follow the current price action here.