The founder of Dogecoin connects recent Doginals experiments to the increase in on-chain transaction volume. 
DOGE continues to fight off bearish pressure as losses continue to outweigh gains despite the recent altcoin rallies. 

Dogecoin has seen a surge in transaction volume over the last 3 months. According to the founder of Dogecoin, the upsurge in transaction volume can be connected to a recent experiment. In a recent post shared to X, formerly Twitter, Billy Markus puts the recent uptrends recorded on the Dogecoin network into perspective.

Markus, who posts under the moniker Shibetoshi Nakamoto made the interesting revelation to his 346,000 followers. As shown in a chart containing Dogecoin’s transaction performance in recent times, the last two months leading up to November have been bullish for the asset.

ordinals and shitcoins using doge blockchain

— Shibetoshi Nakamoto (@BillyM2k) November 24, 2023

From September to November, transactions have moved from zero to nearly $600,000. If the pace is maintained, Dogecoin could close the year with transactions climbing up to as high as the $800,000 to $1 million levels.

Responding to the curious Dogecoin community member who shared the chart, and asked market players to share their thoughts on factors they believe could be propelling the parabolic rise, the Dogecoin founder said the following; “Ordinals and shitcoins using doge blockchain.”

It bears mentioning that 7 months ago, developers embarked on a journey to carry out a “Doginal” experiment. The experiment was an attempt at replicating Bitcoin Ordinals.

After successfully experimenting, users of the Dogecoin network gained access to new features. Users could inscribe images and texts on the Dogecoin blockchain afterward.

Members of the Dogecoin community took things a step further by replicating Oridinal’s structure once again. This time, they created what was dubbed as DRC-20. While DRC-20 tokens can be utilized by traders, Billy Markus branded them as “shitcoins.”

Billy Markus casually proposes Doge as an official reserve currency for Argentina

In a recent post, he noted that the memecoin could help the Argentinian economy by becoming its reserve currency. Despite affirming that DOGE is also a volatile currency, he maintains that the memecoin is not as unstable as Argentine’s peso.

The recent upsurge in on-chain transaction volume can be credited to Dogecoin’s recent experiment with “Doginals.” And DRC-20 tokens.

As he explained;

It would be kinda funny if Argentina took up dogecoin as its reserve currency. I think dogecoin was actually much more stable than the Argentine peso these last couple of years though (of course, totally not stable at all in years previous to that).

As shown by our data, Doge is trading at a price of $0.0783 at press time. While monthly gains were largely sustained, weekly and monthly losses are yet to be fully cleared. Over the last 24 hours, Doge has declined by 4.65 percent in price value.

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Filed under: Bitcoin - @ November 28, 2023 9:24 am