Dogecoin Hits All-Time High, Surpasses Bitcoin and Litecoin as Market Leader for the First Time Ever

On May 15th, the popular memecoin Dogecoin(DOGE) network transactions broke the record and surpassed those of Bitcoin and Litecoin. As of press time, DOGE, one of the biggest memecoin, recorded an all-time high(ATH) of 650,000 in daily transactions

In the last couple of days, the coin was experiencing a downturn, but it rose to $0.0728. Mishaboar, a Dogecoin enthusiast, shared on his Twitter account that the unexpected increase in traffic on the Dogecoin network is primarily due to the increasing trend of piling tokens along with other assets on top of the blockchain and the growing interest in creating tokens on the Dogecoin network using the DRC20 standard. DRC20 is a token based on the Dogecoin network that enables the development of new assets at the highest point in the blockchain.

Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 "standard") and other stuff on top of the Dogecoin network.

Many have been rushing to mint these "tokens" over the past two days. pic.twitter.com/Vt60MxX1no

— Mishaboar (@mishaboar) May 15, 2023

Mishaboar added that Patrick Lodder, a renowned Dogecoin developer, had predicted this trend a few days earlier when the surge in daily transactions was still noticeable but not as high as today. Martin Stauber, a crypto enthusiast, disputed the assertion that the increase in transactions was due to DRC20 token creation and transactions.

Instead, pointing out that the data he analyzed indicated that DOGE network traffic was increasing as a result of a few wallets making an unusually high number of transactions, often surpassing 5,000 within a few days of being established.

@inevitable360 All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.

They aren't transferring small amounts of money either. Lots and lots. pic.twitter.com/8MLAmaFWYo

— Martin Stauber (@UsaRandom) May 14, 2023

A Surge In DOGE Transactions

Following Elon Musk’s announcement that he intended to choose a new chief utive officer for Twitter, an unidentified DOGE whale made a series of transfers late last week involving almost 13 million tokens of DOGE.

Additionally, the 13M tokens transferred, valued at nearly $927,000 during the transaction, from ious wallets to a recently formed wallet for just 3.63 DOGE in fees, which totals $0.26.

It is worth noting that a previously inactive DOGE address containing 1.5 million tokens has resurfaced after being dormant for 9.3 years. Long-term holders of the meme-inspired cryptocurrency now own tens of billions of tokens, with organizations that have held onto it for more than a year owning 44.8 billion tokens worth more than $3.7 billion.

These changes coincide with Elon Musk’s resignation as CEO of Twitter, as the mysterious businessman declared that Linda Yaccarino, now in charge of NBCUniversal’s global advertising, will take over the social media company.

DOGE Price Analysis – Can Dogecoin Reach $10,000?

As of the time of writing, the DOGE coin is currently trading at $0.07223, with a volume of $186M in the last 24 hours. Also, in the last 24 hours, the coin has experienced a 1.14% decline. Is there a possibility for this popular meme coin to reach $10,000?

Well! Let’s do the math. For the coin to get this value, it will need to grow by 11,000 times its current price. At this price point, Dogecoin’s market valuation would need to be at a staggering $129 trillion. The present market valuation and token supply of Dogecoin make this situation impractical, even in theory. For DOGE to reach $1000, it would need to become deflationary.