Dogecoin Network Experiences Significant 34% Hashrate Decrease Overnight: Causes Under Investigation

Hashrate for Dogecoin, a popular meme-inspired cryptocurrency, has dropped by double digits in the past 24 hours after a week of increased activity due to the popularity of DRC-20 tokens. These tokens allow for the transfer of fungible tokens on the Dogecoin network, similarly to the Ethereum ERC-20 standard. As their popularity rose, so did the number of transactions on the network, with a 60x spike in DOGE transactions in a 20-day period, according to NewsBTC. This led to an increase in hashrate, with Dogecoin’s hashrate surpassing 1 petahash per second (PH/s) on May 17, according to CoinWarz data. However, with a lull in interest for DRC-20 tokens, investors have moved away from Dogecoin, leading to a decrease in hashrate by over 34% in the last 24 hours to 470.70 terahash per second (TH/s). Additionally, Dogecoin’s price did not positively react to the hype, instead, it stayed on the same path as the rest of the crypto market. It is currently seeing resistance at the $0.075 level, with a trading volume of $163 million, and is holding steady as the eighth-largest cryptocurrency in the market. It is unlikely that DOGE will move on its own from this point and will likely follow the movement patterns of Bitcoin, or a tweet from billionaire Elon Musk could push the price higher.

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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