{"id":78790,"date":"2023-05-16T11:14:15","date_gmt":"2023-05-16T08:14:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78790"},"modified":"2025-09-11T07:20:14","modified_gmt":"2025-09-11T04:20:14","slug":"dogecoin-transaction-volume-overtakes-bitcoins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/dogecoin-transaction-volume-overtakes-bitcoins\/","title":{"rendered":"Dogecoin transaction volume overtakes Bitcoin&#8217;s"},"content":{"rendered":"<p>The transaction volume on the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-dogecoin-doge\">Dogecoin<\/a> (DOGE) blockchain reached an ATH of 628,209, surpassing Bitcoin and Litecoin.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"221\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-16-v-10.30.59-1024x221.png\" alt=\"Snimok-ekrana-2023-05-16-v-10.30.59\" class=\"wp-image-206997\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-16-v-10.30.59-1024x221.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-16-v-10.30.59-300x65.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-16-v-10.30.59-768x166.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-16-v-10.30.59.png 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin, Dogecoin and Litecoin transaction-volume dynamics. Data: <a href=\"https:\/\/bitinfocharts.com\/comparison\/transactions-btc-ltc-doge-dogecoin.html#3m\">BitInfoCharts<\/a>.<br \/><\/figcaption><\/figure>\n<p>According to community speculation, this dynamic is linked to activity around tokens of the DRC-20 standard, which allow creating new digital assets atop the blockchain.<\/p>\n<p>A Twitter user named Mishaboar said that the lead developer of the meme cryptocurrency, Patrick Lodder, predicted this trend a few days earlier. At that time the spike in transactions was noticeable but had not yet reached record levels.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Dogecoin<\/a> developer <a href=\"https:\/\/twitter.com\/patricklodder?ref_src=twsrc%5Etfw\">@patricklodder<\/a> touched on this argument a few days ago, when the increase was significant but still not to today\u2019s levels. <\/p>\n<p>Check Patrick\u2019s thread below, and use his website <a href=\"https:\/\/t.co\/3gg8Hnr2kg\">https:\/\/t.co\/3gg8Hnr2kg<\/a> for easy to read <a href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Dogecoin<\/a> block analysis (hint: there is a\u2026<\/p>\n<p>\u2014 Mishaboar (@mishaboar) <a href=\"https:\/\/twitter.com\/mishaboar\/status\/1657925142444376066?ref_src=twsrc%5Etfw\">May 15, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Crypto enthusiast Martin Stauber disputed the claim that the rise in transaction counts was driven by DRC-20 tokens. According to his data, the main traffic came from several large addresses making small transfers. One such wallet sent 5,766 transactions in a day.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/inevitable360?ref_src=twsrc%5Etfw\">@inevitable360<\/a> All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.<a href=\"https:\/\/t.co\/cryfl2m1t8\">https:\/\/t.co\/cryfl2m1t8<\/a><\/p>\n<p>They aren\u2019t transferring small amounts of money either. Lots and lots. <a href=\"https:\/\/t.co\/8MLAmaFWYo\">pic.twitter.com\/8MLAmaFWYo<\/a><\/p>\n<p>\u2014 Martin Stauber (@UsaRandom) <a href=\"https:\/\/twitter.com\/UsaRandom\/status\/1657895198100275200?ref_src=twsrc%5Etfw\">May 14, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In recent days, unprecedented activity has occurred in the Dogecoin blockchain. According to DogeWhaleAlert, on May 11 an unknown entity moved 13.07 million DOGE ($927,413) to several addresses, spending $0.26 in fees. The transaction followed Elon Musk <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-to-step-down-as-twitter-ceo\">announced his departure<\/a> from the Twitter CEO post.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">????<\/p>\n<p>13,070,441 <a href=\"https:\/\/twitter.com\/search?q=%24DOGE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$DOGE<\/a> ($927,413 USD) was transferred from multiple wallets to an unknown wallet.<\/p>\n<p>Fee: 3.63 ($0.26 USD)<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/jVnoMwNCyA\">https:\/\/t.co\/jVnoMwNCyA<\/a><a href=\"https:\/\/twitter.com\/hashtag\/DogecoinWhaleAlert?src=hash&#038;ref_src=twsrc%5Etfw\">#DogecoinWhaleAlert<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/WhaleAlert?src=hash&#038;ref_src=twsrc%5Etfw\">#WhaleAlert<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Dogecoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&#038;ref_src=twsrc%5Etfw\">#CryptoNews<\/a><\/p>\n<p>\u2014 \u00d0ogecoin Whale Alert (@DogeWhaleAlert) <a href=\"https:\/\/twitter.com\/DogeWhaleAlert\/status\/1656693163963064324?ref_src=twsrc=twsrc%5Etfw\">May 11, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite the spike, DOGE&#8217;s price hardly budged \u2014 it fell 1.1% over the past 24 hours. As of writing, the asset trades at $0.072327, according to CoinGecko.<\/p>\n<p>In April, Bloomberg Intelligence senior strategist Mike McGlone <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-strategist-labels-doge-and-shib-as-speculative-assets\">criticized<\/a> meme tokens DOGE and SHIB, calling them &#8220;naturally speculative assets&#8221;. He also stressed the need to cleanse the market of &#8220;harmful&#8221; assets to pave the way for a &#8220;more reliable cryptocurrency landscape&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction volume on the Dogecoin (DOGE) blockchain reached an ATH of 628,209, ahead of Bitcoin and Litecoin.<\/p>\n","protected":false},"author":1,"featured_media":78791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,99,1268],"class_list":["post-78790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-dogecoin","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=78790"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78790\/revisions"}],"predecessor-version":[{"id":78792,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78790\/revisions\/78792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/78791"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=78790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=78790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=78790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}