Dogecoin has re
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Dogecoin has reached a historic milestone with its daily transactions surpassing Bitcoin and Litecoin, totaling an impressive 650,000 transactions. This surge in network activity can be attributed to the adoption of the DRC20 token standard by the Dogecoin community.
The increased on-chain activity within the Dogecoin network reflects the growing popularity of memecoins in the cryptocurrency market. One memecoin that has gained significant attention is PEPE, which has experienced remarkable growth, with its price surging by 1,200% between the end of April and May 5.
The rising interest in memecoins can be attributed to their appeal to a broader audience and the substantial attention they receive on social media, often influenced by prominent individuals. Notably, Elon Musk has played a significant role in this regard, given his acquisition of Twitter and his affinity for memecoins like DOGE. Musk's actions and tweets have frequently exerted a powerful impact on crypto markets, as seen on February 15 when one of his tweets triggered a rally for both dogecoin and floki.
