- Transactions on the Dogecoin blockchain exceeded that of Bitcoin and Ethereum combined.
- The hike affected the hashrate as new tokens increasingly minted.
Dogecoin [DOGE] witnessed a surge in transaction count, as it surpassed a daily count of two million buying and selling activity on 28 May. The hike means that the meme coin could surpass the numbers registered under the Bitcoin [BTC] and Ethereum [ETH] networks.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
DOGE outpacing the kings of the market
According to data from Blockchair, the non-stop movement began around 24 May when the count was a little above one million. But as days went by, transactions increased. This led to Dogecoin leaving the top two blockchains behind.
During the same period, the highest daily transaction count of Ethereum was 969,096. For Bitcoin, this was not the first time that Dogecoin outstripped it since the introduction of the DRC20 experiment.
This time, it lagged behind Dogecoin and Ethereum, processing about 490,000 transactions on the said date. Again, the surge in transaction count could be connected to the budding adoption of DRC20.
A few weeks ago, a section of the Dogecoin community developed the token standard in response to Bitcoin Ordinals, and BRC-20.
While it called its own “Doginals” which still lacked a clear-cut structure, the ability to mint new tokens on the blockchain at a very cheap rate compared to Bitcoin or Litecoin’s [LTC] LTC20 could have impacted the increase in activity.
Hashrates spikes as development and NFTs face downturns
Consequently, the hike in transaction count seems to have affected the Dogecoin hashrate. The hashrate serves as an estimate of the number of computational power provided in creating new blocks.
According to CoinWarz, Dogecoin’s hashrate inched closer to 1 PetaHash per second (PH/s) in the last 24 hours.
Despite some accomplishments with the DRC20 trial, Dogecoin’s development activity fell. At press time, Santiment’s data showed that the metric was down to 0.119.
A simplification of the development activity points to the commitment by operators on the blockchain to polish the network and implement upgrades. Thus, the decrease implied that much of that has not been happening with Dogecoin.
However, it seemed that fungible tokens’ adoption has incredibly outshone Dogecoin’s non-fungible sect. Based on Santiment’s data, the NFT trade volume on the blockchain has been decreasing since 21 May.
As of this writing, the volume was $321,000. This means that interest in exchanging NFTs linked to the meme has dwindled.
How much are 1,10,100 DOGEs worth today?
Irrespective of the surge in transactions, it is necessary to remember that the DRC20 token standard is still relatively new, with limited infrastructure.
Although its introduction has sparked widespread interest thanks to its cost-effectiveness, the number of transactions had reduced at press time.