The number of daily transactions on the Dogecoin DOGE/USD blockchain surged to a one-year high of 74,986 on Sunday.
What Happened: According to blockchain data from BitInfoCharts shared by Dogecoin creator Billy Markus on Twitter, the number of DOGE transactions saw a massive spike on July 17.
nice, the dogecoin blockchain transactions are spiking pic.twitter.com/P6jaf4cwhF— Shibetoshi Nakamoto (@BillyM2k) July 17, 2022
Some users attributed the sudden increase in daily DOGE transactions to the integration of posting memes on the self-custodian MyDoge wallet.
MyDoge welcomes memes to the dogeverse!— MyDoge Wallet (@MyDogeOfficial) July 17, 2022
Come for the memes, stay for the shibes! pic.twitter.com/cljwqVJM3s
I experienced the same thing. My notifications gone crazy since yesterday and I saw some great memes as the same time I was wondering if I should disable my notifications— Hugo⁷⁹ (@LeonisCatulus13) July 17, 2022
Users began sending DOGE tips to others who had posted memes using the wallet.
The surge in DOGE transactions was not just centered around small-scale activity from retail traders.
Data from IntoTheBlock shows that DOGE saw a 21% increase in large transactions in the last day, while other cryptocurrencies, including BitcoinBTC/USD and EthereumETH/USD recorded declines over the same period. Over the last 24 hours, the Dogecoin blockchain saw 183 “large transactions” with a minimum value of $100,000.
Price Action: According to data from Benzinga Pro, at press time, DOGE was trading at $0.066, up 1.79% over the last 24 hours.
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