As DOGE records $100K transactions, co-founder cites ordinals and NFTs as driving forces, signaling a potential price surge on the horizon.
In the aftermath of a widespread cryptocurrency market dip triggered by regulatory concerns surrounding Binance and its CEO Changpeng “CZ” Zhao, Dogecoin (DOGE) faced a notable setback, experiencing a cumulative loss of 6.85% over the past week, as reported by CoinMarketCap.
However, amidst the recent downturn, optimistic signs are emerging, suggesting a potential upswing for the popular meme coin.
DOGE’s $100K Transactions Signal Imminent Price Surge
Renowned crypto analyst Ali Martinez, in a recent post on November 23, revealed a promising development for DOGE. According to Martinez, the Dogecoin market witnessed transactions surpassing $100,000 in the last month, based on data from In The Block.
This surge in transactional activity hints at a growing interest in DOGE among major institutional players and crypto whales, possibly paving the way for a substantial price boost.
Adding depth to this positive trajectory, blockchain analytics firm Santiment highlighted the creation of 121 new wallets, each containing over 1 million DOGE in the past month, labeling it “a Sign of Big Money Interest.” Santiment also noted a significant uptick in activity from dormant wallets, signaling a potential reversal in DOGE’s current negative price trend.
Co-Founder Insights: Driving Forces Behind DOGE’s Transaction Surge
Providing insights into the surge in Dogecoin transactions, DOGE’s co-founder Billy Markus, known by the X username Shibetoshi Nakamoto, attributed the increase to the introduction of ordinals and shitcoins. This revelation was made in response to a crypto enthusiast highlighting the “parabolic” trend in Dogecoin network transactions.
DOGE Ordinals, commonly referred to as “Doginals,” are akin to Bitcoin Ordinals and follow the DRC-20 token standards. These standards enable users to embed information on the smallest individual units of Dogecoin, known as shibes.
Consequently, the introduction of the DRC-20 standard has led to a substantial surge in transactions, driven by the creation of non-fungible tokens (NFTs) supported by the Dogecoin network.
While this uptick in network adoption is poised to attract investors, it is essential to note that the rise in transactions is accompanied by elevated network fees, potentially causing concern among network users.
As of the latest update, DOGE is trading at $0.078, exhibiting a 0.4% gain in the past 24 hours. Simultaneously, its trading volume has surged by 13.20%, reaching a value of $374.16 million.
Investors and enthusiasts are now closely monitoring these developments, anticipating whether the positive indicators surrounding Dogecoin will translate into a significant price upswing in the near future.