Dogcoin is the largest meme coin by market value, with a significant increase in daily trading volume reported. These trading volumes have increased to a record high and now exceed the trading volume of some digital assets with the largest market value in this field, such as Bitcoin, Litecoin and Bitcoin gold
Dogcoin is the largest meme coin by market value, with a significant increase in daily trading volume reported. These trading volumes have increased to a record high and now exceed the trading volume of some digital assets with the largest market value in this field, such as Bitcoin, Litecoin and Bitcoin gold.
With users minting DRC20 tokens, the trading volume of dog coins has surged
Mishabor, a member of the Dogecoin community, posted on Twitter that the transaction volume of DOGE has reached a historic high. With users minting DRC20 tokens on the Dog Coin network, these transaction volumes have skyrocketed.
The daily trading volume of Dogcoin has skyrocketed to ATH (650k), surpassing today's BTC and LTC trading volume as people try to plug tokens (DRC20 "standard") and other things into the Dogcoin network, "Mishabor said.
Dogecoin enthusiasts also shared a trading chart that shows the daily total trading volume of DOGE. These transactions increased to a peak of 650000, exceeding the transaction volume reported on some of the largest networks, such as Bitcoin and Litecoin.
These quantities come from an increasing number of people casting DRC20 tokens. DRC20 is the token standard for Dogcoin networks. People can create new digital assets on the dogcoin blockchain, and these tokens obtain the DRC20 standard.
People are very interested in DRC20 tokens. According to Dogecoin influencer Patrick Lodder, the trend of DRC20 tokens is expected to lead to a significant increase in transaction volume on the Dogecoin network. The daily transaction volume on the blockchain has skyrocketed and is currently at a record high level.
The encrypted community expressed different reactions
People have varying reactions to this development. Some members of the Dogcoin community expressed excitement about this matter, while others expressed doubts.
Martin Stauber refuted the claim that the increase in transaction volume came from the casting of DRC20 tokens and transactions. According to Stauber, data from the Dogecoin network shows an increase in transaction volume, as some wallets have very high transaction volumes.
Last week, a mysterious whale address transferred over 13 million DOGE tokens in several transactions. These transactions occurred shortly after Tesla CEO Elon Musk announced plans to let a new CEO take over Twitter's leadership.
After Musk appointed Linda Yaccarino as Twitter's new CEO, high transaction volume on the Dogecoin network also emerged. Yaccarino is a former global advertising director at NBCUniversal, who will help drive revenue growth for social media platforms.
In recent weeks, there have also been other significant developments in the Dog Coin network. An inactive dogcoin address with 1.5 million tokens has been reactivated after 9.3 years of dormancy. Currently, long-term investors hold tens of billions of dog tokens, with tokens worth over $3.7 billion held for over a year.
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