IT engineer Billy Markus, who co-founded the popular joke cryptocurrency Dogecoin in 2013 as a spoof of Bitcoin with Jackson Palmer, offered his perspective on why DOGE transactions hit a significant daily record of over a million earlier this week. A significant increase in the price of DOGE also occurred after this spike in transactions.
DOGE transactions surge, Billy Markus suggests big reason
The X platform is home to the anonymous account @itsALLrisky, which has amassed an amazing 346,400 followers. The user provided a snapshot of a large rise in Dogecoin transactions, surpassing one million.
Blockchair’s data validates the DOGE record. The most plausible explanation, according to Billy Markus, also known as Shibetoshi Nakamoto on X, is that s-coins and Ordinals being actively transferred across the Dogecoin chain.
DOGE Ordinals, sometimes referred to as “Doginals” in the Dogecoin community, are made possible by the recently introduced DRC-20 token standard on the Dogecoin chain. On this blockchain, users will now be able to generate NFTs and cryptocurrency tokens. And in his response, Markus was alluding to this.
While the ERC-21 and ERC-20 standards are the first significant blockchain that permit the establishment of NFTs and tokens. Other chains, including Solana and others, introduced comparable features after it. Not too long ago, NFT (Ordinals) creation tools were also made available by the Bitcoin chain.
That group included the Dogecoin network about five months ago.
When DRC-20 was introduced in June, there was a day-long surge in transactions on the DOGE chain that exceeded two million.
Elon Musk thanks DOGE cofounder personally
Elon Musk, a strong supporter of Dogecoin and one of its largest holders, is rumoured to have a “Internet friendship” with Markus. They appear to agree on a number of themes and concerns and frequently exchange remarks on the X app.
As a frequent user of X, Billy Markus frequently supports Musk and his innovations there. Musk has introduced a number of tools, including monetization and subscription features, that enable creators to enhance their content creation (such as longreads and live video broadcasting) and also profit from it.
Markus tweeted on Friday that since Elon Musk is making every effort to safeguard the freedom of expression on the X app, the community ought to genuinely embrace it to the fullest extent possible. The owner of X then left a comment in which he praised the co-founder of DOGE and addressed him by name for the first time.
This gave the impression that Musk was thanking you personally this time.
