IntoTheBlock reports an 8,220% increase in daily Dogecoin (DOGE) transactions in May


Dogecoin (DOGE) daily transactions increased dramatically in May, according to statistics from IntoTheBlock.

According to a crypto tracking company, the number of daily trades for a famous joke asset with a dog theme shot up by an incredible 8,220% last month, reaching a new all-time high of over 2 million.

“There is no problem with this chart, so please don’t worry. This month, the average number of Dogecoin transactions per day rose by 8,220%, from around 25,000 to a high of 2.08 million on Saturday.”

BitInfoCharts, a blockchain analytics firm, discovered earlier this month that since the DRC-20 standard’s May 9 launch, the volume of DOGE transactions had exceeded that of Bitcoin (BTC), the top digital currency by market size.

Tokens on the DOGE blockchain must adhere to the DRC-20 standard, which is identical to the BRC-20 standard used by the king of cryptocurrencies. They aren’t money, but rather a claim to an asset.

Memecoin transactions rose from 48,547 to 456,491 over this period. The following days saw that figure soar to 628,209, then fall to 88,453. This number exploded to 1.1 million on May 17th.

As of this writing, one Dogecoin can be purchased for $0.72, a little gain over the previous day’s trading price.

Also Read: New Crypto Wallet Software Is An Investment For PayPal As They Promote Web3 Adoption

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