{"id":316977,"date":"2023-05-29T15:00:12","date_gmt":"2023-05-29T09:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=316977"},"modified":"2023-05-29T12:39:06","modified_gmt":"2023-05-29T07:09:06","slug":"dogecoin-transaction-count-blasts-past-bitcoin-ethereum","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/dogecoin-transaction-count-blasts-past-bitcoin-ethereum\/","title":{"rendered":"Dogecoin transaction count blasts past Bitcoin, Ethereum"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Transactions on the Dogecoin blockchain exceeded that of Bitcoin and Ethereum combined.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The hike affected the hashrate as new tokens increasingly minted.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Dogecoin [DOGE]<\/span><span style=\"font-weight: 400;\"> 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 <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span> <span style=\"font-weight: 400;\">and <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> networks.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\"><span style=\"font-weight: 400;\">DOGE\u2019s market cap in BTC&#8217;s terms<\/span><\/a><\/p>\n<hr \/>\n<h3><b>DOGE outpacing the kings of the market<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to data from Blockchair, the <\/span><a href=\"https:\/\/blockchair.com\/dogecoin\/charts\/transaction-count\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">non-stop movement<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<figure id=\"attachment_316983\" aria-describedby=\"caption-attachment-316983\" style=\"width: 1273px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41.png\"><img decoding=\"async\" class=\"size-full wp-image-316983\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41.png\" alt=\"Dogecoin transaction count\" width=\"1273\" height=\"343\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41.png 1273w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41-1024x276.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.08.41-768x207.png 768w\" sizes=\"(max-width: 1273px) 100vw, 1273px\" \/><\/a><figcaption id=\"caption-attachment-316983\" class=\"wp-caption-text\">Source: Blockchair<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">During the same period, the highest daily transaction <\/span><a href=\"https:\/\/blockchair.com\/ethereum\/charts\/transaction-count\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">count of Ethereum<\/span><\/a><span style=\"font-weight: 400;\"> was 969,096. For Bitcoin, this was not the first time that Dogecoin outstripped it since the introduction of the <\/span><a href=\"http:\/\/ambcrypto.com\/doge-transactions-trump-btc-and-ltc-thanks-to-drc20-but-heres-the-catch\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DRC20 experiment<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This time, it lagged behind Dogecoin and Ethereum, <\/span><a href=\"https:\/\/blockchair.com\/bitcoin\/charts\/transaction-count\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">processing<\/span><\/a><span style=\"font-weight: 400;\"> about 490,000 transactions on the said date. Again, the surge in transaction count could be connected to the budding adoption of DRC20.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A few weeks ago, a section of the Dogecoin community developed the token standard in response to Bitcoin Ordinals, and BRC-20.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it called its own \u201cDoginals\u201d 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 <\/span><span style=\"font-weight: 400;\">Litecoin\u2019s [LTC]<\/span><span style=\"font-weight: 400;\"> LTC20<\/span><span style=\"font-weight: 400;\"> could have impacted the increase in activity.<\/span><\/p>\n<h3><b>Hashrates spikes as development and NFTs face downturns<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.coinwarz.com\/mining\/dogecoin\/hashrate-chart#:~:text=The%20current%20Dogecoin%20hashrate%20is,all%20time%20Dogecoin%20historical%20hashrates.\"><span style=\"font-weight: 400;\">CoinWarz<\/span><\/a><span style=\"font-weight: 400;\">, Dogecoin&#8217;s hashrate inched closer to 1 PetaHash per second (PH\/s) in the last 24 hours.<\/span><\/p>\n<figure id=\"attachment_316982\" aria-describedby=\"caption-attachment-316982\" style=\"width: 895px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.28.03.png\"><img decoding=\"async\" class=\"size-full wp-image-316982\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.28.03.png\" alt=\"Dogecoin hashrate\" width=\"895\" height=\"376\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.28.03.png 895w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.28.03-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-at-06.28.03-768x323.png 768w\" sizes=\"(max-width: 895px) 100vw, 895px\" \/><\/a><figcaption id=\"caption-attachment-316982\" class=\"wp-caption-text\">Source: CoinWarz<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Despite some accomplishments with the DRC20 trial, Dogecoin&#8217;s development activity fell. At press time, Santiment\u2019s data <\/span><a href=\"https:\/\/app.santiment.net\/charts\/ZyoBq6AA__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">showed<\/span><\/a><span style=\"font-weight: 400;\"> that the metric was down to 0.119.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it seemed that fungible tokens&#8217; adoption has incredibly outshone Dogecoin&#8217;s non-fungible sect. Based on Santiment\u2019s data, the NFT trade volume on the blockchain has been decreasing since 21 May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, the volume was $321,000. This means that interest in exchanging NFTs linked to the meme has dwindled.<\/span><\/p>\n<p style=\"text-align: center;\">\n<figure id=\"attachment_316980\" aria-describedby=\"caption-attachment-316980\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-316980\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023.png\" alt=\"Dogecoin development activity and NFT volume\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Dogecoin-DOGE-06.43.52-29-May-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-316980\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 DOGEs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Irrespective of the surge in transactions, it is necessary to remember that the DRC20 token standard is still relatively new, with limited infrastructure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although its introduction has sparked widespread interest thanks to its cost-effectiveness, the number of transactions had reduced at press time.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin, once again, shot Bitcoin out of limelight in terms of transactions. Ethereum also fell behind, but development within the memecoin&#8217;s network hasn&#8217;t been splendid.<\/p>\n","protected":false},"author":72,"featured_media":316978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,32,66,3,4,20],"tags":[],"class_list":["post-316977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dogecoin transaction count blasts past Bitcoin, Ethereum - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Dogecoin [DOGE] witnessed a surge in transaction count, as it surpassed a daily count of two million buying and selling activity on 28 May.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/dogecoin-transaction-count-blasts-past-bitcoin-ethereum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin transaction count blasts past Bitcoin, Ethereum - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Dogecoin, once again, shot Bitcoin out of limelight in terms of transactions. 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