{"id":534427,"date":"2023-05-22T16:20:28","date_gmt":"2023-05-22T16:20:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=534427"},"modified":"2023-05-22T13:35:22","modified_gmt":"2023-05-22T13:35:22","slug":"dogecoin-transaction-rises-60x-why-prices-down","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/dogecoin\/dogecoin-transaction-rises-60x-why-prices-down\/","title":{"rendered":"Dogecoin Transaction Count Rises 60X, But Why Are Prices Down?"},"content":{"rendered":"
Dogecoin’s on-chain transaction count is up more than 60X from roughly 20,000 transactions as of May 1 to over 1.20 million on May 20, BitInfoCharts data <\/span>shows<\/span><\/a>.<\/span><\/p>\n The present spike represents a 60X expansion in the Dogecoin transaction count, a noteworthy development primarily due to the launch of Ordinals on the proof-of-work blockchain.<\/span><\/p>\n The spike in Dogecoin’s transactions coincided with the launch of Ordinals on May 10. With Ordinals now on Dogecoin, another proof-of-work blockchain using the same consensus style as Bitcoin, users can create a new token based on the DRC-20 system. These tokens represent unique assets like texts, images, or videos. Crucially, users don’t have to use smart contracts to mint them.<\/span><\/p>\n However, despite the exponential increase in transaction count, DOGE prices are stable, moving horizontally, and relatively unchanged in the last three weeks. The coin is also down 31% from April 2023 peaks.<\/span><\/p>\n Related Reading: Dogecoin Multiple Attempts At $0.10: Will The Barrier Finally Be Broken?<\/a><\/p>\n Dogecoin is the first meme coin created as a joke and launched in 2013. But over the years, it has gained a significant following and endorsement, including from Elon Musk, the billionaire technology investor.\u00a0<\/span><\/p>\n DOGE, the native currency of Dogecoin, is one of the largest cryptocurrency networks whose market capitalization places it among the top 10 coins. <\/span><\/p>\n As of May 22, DOGE had a market capitalization of $10.1 billion and is more valuable than Polygon, an Ethereum sidechain, and Solana, a smart contracting platform, according to CoinMarketCap <\/span>data<\/span><\/a>.<\/span><\/p>\n60X Spike In Transaction Count<\/span><\/h2>\n