Timothy Stebbing, a DOGE developer and member of the Dogecoin Foundation, tweeted that Dogecoin is seriously troubled.
Currently, core developers and DOGE developers on the foundation board are brainstorming ideas to find a way to secure the Dogecoin network.
“Dogecoin is currently sick,” here’s the issue
The tweet claims that the Dogecoin Foundation has been contacted by many cryptocurrency exchanges informing them that the original joke cryptocurrency is “jammed/unresponsive.” No specific interactions were mentioned. Stebbing acknowledged that the Dogecoin network has been severely hampered by inscriptions, and as a result, all of the board members and developers are scrambling to come up with solutions, “from friendly to extreme.”
https://x.com/tjstebbing/status/1754957667364479374?s=20
Timothy Stebbing concurred that as Dogecoin is a decentralised project, a community discussion is required in response to a commenter’s suggestion. Because the blockchain is used to create Doginals, or inscriptions on the layer-1 blockchain, there is a chance that Dogecoin will get congested. Stebbing recommended that the DOGE layer-1 network be used “for validation, not storage,” and that “data needs to be moved off-chain at the protocol level.”
https://x.com/tjstebbing/status/1754960594313343459?s=20
DOGE transactions spike, but there’s a catch
Dogecoin contributor @Tdogewhisperer has already brought up this issue, as was previously published. He said a few days back that Dogecoin had reached a record high for transactions, hitting 1.9 million in a single day.
He did, however, clarify that the purpose of such transactions was to affix inscriptions to the Dogecoin chain rather than to transfer and authenticate money. The author made it clear that there is no practical utility for the inscriptions.
While some members of the Dogecoin community consider these inscriptions to be spam or bloatware, others think they resemble NFTs.
100 million DOGE moved to Robinhood
The well-known cryptocurrency tracker Whale Alert revealed the specifics of a significant cryptocurrency transfer earlier today, in which a staggering 100 million Dogecoin were paid to Robinhood.
https://x.com/whale_alert/status/1755096897495208023?s=20
According to the previously cited source, an anonymous blockchain wallet started the $7,836,678 transaction.
Given that the price of Dogecoin has dropped by 2.56% since Monday, a sizeable quantity of the cryptocurrency was sent to Robinhood. Today, though, it tried to bounce back and gained 1.04%.
