Dogecoin’s daily transactions reached a historic peak, surpassing both Bitcoin and Litecoin, with a staggering record of 650,000 transactions. The surge in network activity can be attributed to the widespread adoption of the DRC20 token standard by the Dogecoin community.
This increased on-chain activity within the Dogecoin network indicates the growing popularity of memecoins in the cryptocurrency market. One memecoin that has recently garnered attention is PEPE, which has experienced an astounding growth rate with its price surging by 1,200% between the end of April and May 5.
The increasing interest in memecoins can be attributed to their appeal to a wider audience and the significant attention they receive from social media and influential individuals. Notably, Elon Musk has been at the center of attention due to his acquisition of Twitter and his fondness for memecoins like DOGE. Musk’s actions and tweets often had a powerful impact on crypto markets, as seen on February 15, when one of his tweets triggered a rally for both dogecoin and floki.