Despite 60X Rise in Dogecoin Transactions, Prices Remain Stagnant: Here’s Why

Dogecoin’s transaction count has surged over 60 times from 20,000 to more than 1.2 million transactions between May 1 and May 20, according to BitInfoCharts. The spike in transactions coincided with the launch of Ordinals on May 10. Ordinals is a new token based on the DRC-20 system, which enables the creation of unique assets like texts, images, or videos without the need for a smart contract. However, despite the increase in transaction count, Dogecoin’s prices have remained stable and relatively unchanged for the last three weeks. DOGE is currently worth $10.1 billion, making it one of the largest cryptocurrencies and putting it among the top 10 coins in terms of market capitalisation.

The rise of DRC-20 tokens on Dogecoin explains the recent surge in on-chain transactions over the last 12 days, with the number peaking at 1.2 million on May 20. Inscribed files confirmed by Dogecoin miners and added to the blockchain are unique and comparable to non-fungible tokens (NFTs). The rise in NFTs on proof-of-work blockchains such as Dogecoin, Bitcoin, and Litecoin is expected to continue to push transaction counts on each network higher.

Ordinals, the team behind the DRC-20 standard, aims to further expand the use case of Bitcoin. They believe that proof-of-work blockchains offer better security and decentralisation, allowing NFTs to flourish. Dogecoin, created as a joke in 2013, has garnered significant following and endorsement, including from billionaire technology investor Elon Musk.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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