New data from the market intelligence platform IntoTheBlock reveals that the daily number of transactions over Dogecoin (DOGE) significantly spiked in May.
According to the crypto analytics firm, the number of daily transactions over the popular dog-themed meme asset skyrocketed by a staggering 8,220% last month, hitting a peak of above two million, a new all-time high.
The surge in activity is likely due to a number of factors, including the recent price rally of Dogecoin, the launch of new Dogecoin-related projects, and the continued interest from the memecoin community.
The increase in daily transactions is a positive sign for Dogecoin. It shows that there is strong interest in the project and that the community is active. It is also a sign that Dogecoin is becoming more widely used as a payment method.
The surge in activity could also lead to an increase in the price of Dogecoin. As more people use Dogecoin, the demand for the token will increase, which could lead to higher prices.
However, it is important to note that the price of Dogecoin is volatile and it is possible that the price could decline in the future. Investors should always do their own research before investing in any cryptocurrency.