Meme-inspired cryptocurrency Dogecoin has recently seen a massive surge in network activity, with daily transaction volume reaching a new all-time high (ATH) of 650,000, surpassing Bitcoin and Litecoin.
This unexpected increase in activity is attributed to increased interest in minting DRC20 tokens, a new type of digital asset, on the Dogecoin network.
Dogecoin developer Patrick Lodder has previously hinted that network activity will increase significantly. While the surge at the time was noteworthy, it was far from the unprecedented levels seen today.
Many in the crypto community saw the surge as an opportunity to test Dogecoin’s scalability. One user suggested that the focus should be on the currency’s potential for daily transactions, adding that they planned to launch their nodes, which are part of the network that maintains a version of the blockchain.
However, there are concerns that increased activity could clog the Dogecoin network. Mishaboar, a well-known figure in the Dogecoin community, acknowledged these concerns and suggested that such activity is best handled through dedicated layer 2 solutions to avoid clogging the main network.
Despite these potential challenges, many users remain optimistic, suggesting that a surge in transaction volume could be a sign of things to come if Dogecoin is to become a widely accepted global currency.
