In the meantime, Dogecoin has reached a new milestone related to a major metric of its utility — transaction count — and a top DOGE developer has offered his vision of what is happening.
Ali believes that once the popular meme cryptocurrency breaks beyond this barrier, it may have a chance to “nearly double its price” and target a high at the $0.14 level.
On Friday, the overall DOGE transaction count surged roughly above the one million level, and it surpassed both the Bitcoin and Ethereum chains on this metric. Now, Mishaboar has reported that this crucial metric has reached a major new high of almost 1.5 million transactions within the span of the past 24 hours.
The developer, however, believes that the greatest part of this huge traffic was due to very small transfers; a lot of users are taking advantage of the Dogecoin network as it generously offers low fees and dust limits.
Mishaboar reminded the community of Dogecoin users that the network is functioning perfectly, without any congestion, and users can add extra fees for faster transactions. These fees will still be low compared to the ones on the Bitcoin and Ethereum chains.
The only negative thing about this massive transaction surge is that the blockchain increases over a short period of time and this, in return, forces operators to put more resources into their nodes. This may be expensive to those operators who run their nodes with respectable host providers.
As for the , Ali believes that this was caused by the growing interest of whales and financial institutions in Dogecoin. DOGE cofounder Billy Markus tweeted that the inflow of traffic was caused by people transferring Dogecoin Ordinals (Dogedinals) and DRC-20-based coins at low fees.
This data was shared by prominent on-chain data aggregator Santiment. In particular, the staggering 51.9 million Bitcoin wallets have seen merely 0.25% growth in the past four days, according to the Santiment report.
The number of 4.46 ADA wallets has decreased by 0.59% within the last 10 days. Only the number of Dogecoin wallets has in the last few days.
Over the past 24 hours, the original meme coin, DOGE, has staged 5.41% growth, reaching the $0.0811 level.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
