Dogecoin, the OG memecoin has registered a spike in network activity outperforming that of Bitcoin [BTC] and Litecoin [LTC] in the daily transactions count.
Compared to 575k for BTC, DOGE transactions reached an all-time high of almost 630k, data from BitInfoCharts showed.
LTC’s daily transactions count stood at $341k, down by 36% from its recent ATH on 8 May.
The surge has been ascribed to a rise in demand for DRC20 tokens, a new wave of digital assets, which are being minted on the Dogecoin network.
Patrick Lodder, DOGE developer commented on this issue a few days ago, when the increase was significant but still below today’s levels
The DOGE community’s response was divided, with some arguing that new tokens are merely attempts to cram them into the Dogecoin network.
Mishaboar, a well-known figure in the Dogecoin community, believed that it should be done using well-engineered dedicated L2/whatever solutions rather than the main network, which might already be congested.
“DRC20” then head to their fantastic telegram channels to find out what this is all about (short-time speculation, with hints that you might make 100k overnight).
Others view the surge in a positive light saying that the tokens provide a good opportunity for stress testing the network.
“Everyone should probably focus on the transactional currency use case. At least it’s a good test of the network’s ability to scale.”
The DOGE community, however, was a-buzz with news from its most ardent supporter and current CEO of Twitter, Elon Musk, who is expected to hand the reins of the social media behemoth to Linda Yaccarino.
Twitter New CEO- A New Dogecoin Maxi?
The tech mogul recently announced the appointment of the next CEO of Twitter, saying that she will begin her duties in six weeks without identifying the candidate.
As the news gathered traction, WSJ reported that Yaccarino is the top choice for the role of Twitter’s new CEO.
But the crypto community was more intrigued by her DOGE leanings given that Musk himself is a big-time proponent of the meme coin.
Although Yaccarino hasn’t shown any public support for Dogecoin, her Twitter profile provides offered some interesting insight.
Out of the 1,161 accounts she follows on Twitter, Yaccarino follows Billy Markus, the creator of Dogecoin, Sir Doge of the Coin, and DogeDesigner, in addition to Tesla and the official Twitter account.