- The meme cryptocurrency Dogecoin (DOGE) has seen an all-time high in daily transactions, reaching nearly 1.5 million transfers in the past 24 hours.
- Despite the competition from other meme coins like PEPE and LADYS, Dogecoin stands out due to its low transaction fees, and its price has recently seen a slight increase.
Dogecoin Experiences Historic Peak in Daily Transactions
Dogecoin, the highly recognized meme cryptocurrency, has seen an unprecedented peak in daily transactions over the past day. Data from the major DOGE-themed Twitter account @Tdogewhisperer indicates a significant surge in activity, with the currency witnessing approximately 1.4 million transfers according to the provided charts.
Low Transaction Fees and Recent Price Increase
One of Dogecoin’s major advantages that have been recently underscored by prominent supporter Elon Musk, is its extremely low transaction fees compared to Bitcoin, making it a superior option for payments and transactions. An illustrative example is the transfer of 178.5 million DOGE, equivalent to over $13 million, conducted by anonymous crypto enthusiasts about 18 hours ago. The transaction fee for this massive transfer amounted to a mere $0.08, as reported by @DogeWhaleAlert.
As for its current price, Dogecoin has shown slight increments, with a weekly growth of about 1.34%. This comes in the wake of Musk’s commentary on a DOGE-related tweet about a week ago, coinciding with over 3% growth in the coin’s value. At the time of writing, Dogecoin is trading at $0.07301 as per CoinMarketCap data.
Elon Musk just gave his current views on crypto on an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) May 23, 2023
Competition from Other Meme Coins
The last two months have witnessed a surge in the number of meme-themed cryptocurrencies entering the market. Notable among these is PEPE coin, inspired by the popular internet meme about Pepe the Frog. Created and launched by anonymous developers in April, it has since attracted considerable investor attention and capital.
Another meme coin that made waves recently is the Milady Meme Coin (LADYS), spurred on by a meme posted by Twitter’s CEO. However, the fervor surrounding these meme coins seems to be diminishing, with both PEPE and LADYS trading in the red despite recent listings on major exchanges.
Shiba Inu Stands Firm Despite Competition
Amid this fluctuating meme coin market, the second-largest meme token by market capitalization, SHIB, remains steadfast. Despite the fleeting successes of PEPE and LADYS, Shiba Inu is poised to show its potential as more than just a meme coin. The development team, led by Shytoshi Kusama, is preparing for the launch of the Shibarium mainnet, SHIB cold wallet, and SHIB metaverse, underlining the currency’s considerable utility.