Daily transactions with the DOGE cryptocurrency reached a historic high

❗ Not financial advice!

The meme cryptocurrency Dogecoin DOGE $0.11 Binance-Peg Dogecoin -1.73% Market capitalization $0.28 billion VOL. 24 hours $50.64 million is experiencing an unprecedented surge in network activity: daily transactions have reached a historic high of 650,000, surpassing the figures of Bitcoin BTC $80,428.20 Mezo Wrapped BTC 0.42% Market capitalization $89.41 million VOL. 24 hours $0.63 billion and Litecoin LTC $57.88 Binance-Peg Litecoin -1.46% Market capitalization $43.1 million VOL. 24 hours $11.8 million . Market experts attribute the phenomenon to the increased interest in minting DRC20 tokens, a new type of digital asset in the Dogecoin network.

Crypto enthusiasts on Twitter suggested that the growth of transactions with DOGE is an opportunity to test the scalability of the meme token. However, some concerns were also expressed that the increased activity could potentially overload the network. A prominent supporter of the digital asset known as Mishaboar also highlighted the problem, noting that excessive user activity should be handled with «special layer 2 solutions to avoid clogging the underlying network.»

Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 «standard») and other stuff on top of the Dogecoin network.

Many have been rushing to mint these «tokens» over the past two days. pic.twitter.com/Vt60MxX1no

— Mishaboar (@mishaboar) May 15, 2023

But despite the potential problems, many users remain optimistic. They suggest that the surge in transactions may be a harbinger of Dogecoin’s acceptance as one of the world’s top crypto assets. The increase in transactions with the coin has attracted the attention of new investors, many of whom see DOGE as a promising investment opportunity.

As a reminder, the notorious YouTube blogger Ben Армстронг «href="https:>Armstrong, known as Bitboy Crypto, recently shared his opinion on memecoins. In his opinion, all of them, except Dogecoin, will fall to zero. The influencer advised his followers to withdraw their profits: «Don't forget, friends, all memecoins will eventually drop to zero, except for DOGE. Withdraw your profits.»