Dogecoin Outperforms Bitcoin and Ethereum, Processes Record 2 Million Transactions in 24 Hours

Dogecoin Outperforms Bitcoin and Ethereum, Processes Record 2 Million Transactions in 24 Hours

The Dogecoin blockchain has experienced a remarkable surge in transaction activity, particularly after the introduction of DRC20 tokens. When compared to other prominent networks, Dogecoin has distinguished itself with a substantial volume of processed transactions. Recent statistics highlight an extraordinary milestone reached on May 27, 2023, as the number of DOGE transactions skyrocketed to an unprecedented high, exceeding 2 million within a span of 24 hours.

Dogecoin Outperforms Bitcoin and Ethereum, Processes Record 2 Million Transactions in 24 Hours

Dogecoin Outperforms Bitcoin

In recent developments, Dogecoin has seen a surge in transfer activity, accompanied by a remarkable 38% surge in its hashrate. These significant milestones indicate a growing interest and participation in the Dogecoin network, highlighting its increasing popularity and robustness in the cryptocurrency ecosystem.

Dogecoin has recently witnessed a surge in transfer activity, accompanied by an impressive 38% increase in its hashrate. These developments signify a growing interest and participation in the Dogecoin network, indicating its rising popularity and strength within the cryptocurrency ecosystem.

In the latest update on May 28, 2023, Dogecoin continues to showcase its momentum, with transaction counts surpassing the million mark and steadily rising. This surge in transactions can be attributed to the introduction of DRC20 tokens, which bear similarities to Bitcoin’s BRC20 tokens.

While DRC20 tokens, also known as Doginals, offer vast possibilities, their current valuation lacks the indexed structure seen in BRC20s, making it challenging to determine their precise worth. Currently, Doginals primarily exchange through over-the-counter (OTC) trades, reminiscent of the early days of Bitcoin when ordinal inscriptions were traded before dedicated exchange platforms emerged.

Alongside the transaction surge, the Dogecoin network, which can be merge mined with Litecoin, has experienced a notable increase in hashrate over the past few weeks. For instance, on May 9, the Scrypt hashrate dedicated to Dogecoin stood at 638 terahash per second (TH/s). However, it has now surged by 38.71%, reaching an impressive 885 TH/s.

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