According to BitInfoCharts data, the number of Dogecoin daily transactions has risen to over 75,000 in the last 24 hours, indicating a surge in user activity.
The number of Dogecoin daily transactions per day is currently around 75,421, according to BitInfoCharts data.
It is worth noting that this is the highest volume of daily transactions seen in the last 14 months for the world’s largest meme cryptocurrency.
On May 9, 2021, Dogecoin’s daily transaction count surpassed 75,000 for the first time. At the time, the number of daily transactions reached 82,000. The period also corresponds to the cryptocurrency’s all-time high of $0.73.
Dogecoin Transaction Volume Increases Reactions
Meanwhile, the massive increase in Dogecoin’s daily transaction volume elicited reactions from many DOGE enthusiasts, who celebrated the achievement on various social media platforms.
Billy Marcus, the co-creator of Dogecoin, recently tweeted about the achievement, saying:
“Nice, the dogecoin blockchain transactions are spiking.”
The Drive Behind Dogecoin Transaction Volume?
A rise in a cryptocurrency’s daily transaction volume usually indicates increased interest in the asset class. It could imply that cryptocurrency enthusiasts are quickly selling or buying the cryptocurrency, increasing the number of daily transactions.
While it is unclear what caused the increase in Dogecoin daily transactions, some cryptocurrency holders attributed the increase to MyDoge Wallet’s latest initiative, a self-custodial Dogecoin wallet.
MyDoge Wallet announced yesterday that it had added memes to Dogecoin’s metaverse.
“MyDoge welcomes memes to the dogeverse! Come for the memes, stay for the shibes,” MyDoge noted in an announcement.
Doge Increases by 1.5 Percent in 24 Hours
Meanwhile, the increase in the number of Dogecoin transactions had little effect on the price of DOGE. Dogecoin has traded between $0.063 and $0.0657 on major exchanges in the last 24 hours. At the time of writing, the cryptocurrency was trading at around $0.0654, up 1.5 percent from the previous day.