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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Transaction Count Rises 60X, But Why Are Prices Down?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Dogecoin Ordinals

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Dogecoin’s on-chain transaction count is up more than 60X from roughly 20,000 transactions as of May 1 to over 1.20 million on May 20, BitInfoCharts data shows.

60X Spike In Transaction Count

The present spike represents a 60X expansion in the Dogecoin transaction count, a noteworthy development primarily due to the launch of Ordinals on the proof-of-work blockchain.

The spike in Dogecoin’s transactions coincided with the launch of Ordinals on May 10. With Ordinals now on Dogecoin, another proof-of-work blockchain using the same consensus style as Bitcoin, users can create a new token based on the DRC-20 system. These tokens represent unique assets like texts, images, or videos. Crucially, users don’t have to use smart contracts to mint them.

However, despite the exponential increase in transaction count, DOGE prices are stable, moving horizontally, and relatively unchanged in the last three weeks. The coin is also down 31% from April 2023 peaks.

Related Reading: Dogecoin Multiple Attempts At $0.10: Will The Barrier Finally Be Broken?

Dogecoin is the first meme coin created as a joke and launched in 2013. But over the years, it has gained a significant following and endorsement, including from Elon Musk, the billionaire technology investor. 

DOGE, the native currency of Dogecoin, is one of the largest cryptocurrency networks whose market capitalization places it among the top 10 coins.

As of May 22, DOGE had a market capitalization of $10.1 billion and is more valuable than Polygon, an Ethereum sidechain, and Solana, a smart contracting platform, according to CoinMarketCap data.

Dogecoin Price On May 22| Source: DOGEUSDT On Binance, TradingView
Dogecoin Price On May 22| Source: DOGEUSDT On Binance, TradingView

Ordinals On Dogecoin

The DRC-20 standard is inspired by the more popular ERC-20 standard in Ethereum. Tokens complying with the DRC-20 on the Dogecoin platform are fungible and can be transferred.

With these tokens, users can “inscribe” files, attaching them to the smallest unit of Dogecoin called “shibes.” These unique files represent various assets, including texts, images, videos, applications, and much more.

Inscribed files, confirmed by Dogecoin miners and added to the blockchain, are unique and comparable to non-fungible tokens (NFTs).

The rise of DRC-20 tokens on Dogecoin explains why there has been a sharp spike in the number of on-chain transactions over the last 12 days, as trackers show.

To illustrate, BitInfoCharts data shows that the number of on-chain transactions on May 10 stood at 48,500. However, the number has steadily risen in the last 12 days, peaking at 1.2 million on May 20.

Dogecoin Transaction Count

Dogecoin Transaction Count | Source: BitInfoCharts

Considering the popularity of NFTs on proof-of-work blockchains like Bitcoin, Litecoin, and Dogecoin, transaction counts on each network will only continue rising. 

Related Reading: Bugs Discovered On Ordinals Protocol As Bitcoin Rips Above $30,000

Ordinals, the team behind the BRC-20 standard that’s now being replicated on Dogecoin, aims to expand the use case of Bitcoin. In their view, Ordinals believe proof-of-work blockchains offer better security and decentralization, allowing NFTs to thrive.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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