reporter
Posted on:
- Months after helping Dogecoin outperform Bitcoin trading, Doginals are back.
- If demand reemerges, DOGE could reverse to the upside.
Billy Markus, co-founder of Dogecoin (DOGE), confirmed that the surge in blockchain transactions was due to increased activity in meme coin trading and Doginals.
Marcus, who answers under the nickname ‘Nakamoto Shibetoshi’, said this to a community member who was curious about the reason for the hike.
Ordinal numbers and poopcoins using the Doge blockchain
— Shibetoshi Nakamoto (@BillyM2k) November 24, 2023
The Doginals experiment first appeared in May. At the time, developers wanted it to be a clone of Bitcoin Ordinals. Interestingly, the experiment was successful. This allowed users to engrave images and text on the Dogecoin blockchain.
By re-copying the Ordinals model, some members of the DOGE community introduction DRC-20. Unlike Doginals, DRC-20 tokens can be traded for regular cryptocurrencies. This was the “shitcoin” Markus was referring to in his post.
Maybe they are “shitcoins” after all
AMBCrypto has taken genuine care to ensure that these tokens are bringing good returns to traders. According to us evaluation Coinranking data shows that a whopping 71% of DRC-20 tokens have suffered losses for traders in the last 24 hours.
During the same period, only 29% of these meme coins made a profit. Further evaluation of the Dogecoin ecosystem revealed that the unimpressive performance of these tokens led to a decline in trading volume.
Source: Coin Ranking
The decline in trading volume means this. demand DRC-20 tokens were trending lower at press time. If demand continues to decline, the price of these tokens may continue to fall.
Dogecoin is on the verge of recovery
Likewise, overall trading volume on the Dogecoin network has also decreased. of DOGE, which rose to 829.83 million on November 22, according to Santiment. Volume At press time, it had reached 249.63 million. The price of the cryptocurrency changed to $0.078.
The value of DOGE has decreased by 1.03% over the past 7 days. If volume continues to decline and price follows suit, DOGE’s direction may change to the upside. but potential recovery It may also vary depending on coin demand.
Source: Santiment
If demand surges, DOGE is likely to reach $0.1. Dogecoin’s growth potential can also be seen in the number of holders.
AMBCrypto has reported on several occasions the number of DOGE holders compared to: Shiba Inu (SHIB) It stayed pretty much the same.
read Dogecoin (DOGE) Price Prediction From 2023 to 2024
However, at the time of this writing, the total number of DOGE holders is increase 5.31 million people. This increase is due to over 50,000 addresses purchasing coins since November 24th.
Source: Santiment
Like the number of holders, the 24-hour active address metric also increased, confirming the increase in interactions. If these numbers repeat next week, DOGE could be ready for another rally.