Dogecoin (DOGE), a cryptocurrency with a dog motif, has clearly shown supremacy in network transactions compared to its competitors.
In terms of “transaction count,” Dogecoin outperforms rival dog currencies like Shiba Inu, Floki, and BONE as well as joke coins like PEPE and LADYS, according to IntoTheBlock.
https://x.com/intotheblock/status/1749446631135563949?s=20
A graphic showing this dominance was shared by IntoTheBlock, who said, “It’s possible to argue that the memecoin wars aren’t about utility.” However, it is evident that Dogecoin leads in terms of transaction volume.”
Dogecoin’s surge in transaction volume is a reflection of its widespread usage, high activity, and prospective applications as a tipping and payment method.
Originally conceived in 2013 as a joke, Dogecoin has acquired popularity and backing from Tesla CEO Elon Musk. It was inspired by the famous “doge” meme, which featured a Shiba Inu dog.
DOGE price action
With the introduction of X’s (formerly Twitter) Xpayments account, Dogecoin (DOGE) saw an unanticipated surge, jumping more than 14% to highs of $0.097 on January 20.
Dogecoin has already pulled back from its peak, losing almost all of the gains from the previous weekend’s surge. As of writing, DOGE had dropped 6.72% over the previous day to $0.076; this was in line with the overall trend of the cryptocurrency market.
The largest cryptocurrency by market capitalization, Bitcoin, lost almost all of its gains over the previous two months in anticipation of spot exchange-traded fund (ETF) approvals in the US when it dropped below $39,000 on Tuesday during European trading hours.
Dogecoin will have experienced three days in a row of sharp drops if it closes in the red today. The $0.074 support, which stopped Dogecoin’s declines twice in January, is the centre of attention in the interim. This support is ahead of the daily SMA 200 at $0.073.
To spark a fresh upsurge that may take Dogecoin to $0.1, it would need to cross the daily SMA 50 at $0.088 once more.
