The on-chain transactions of popular meme coin Doge saw sudden increment amid the bearish sentiment of the crypto market.
Doge is a popular meme coin, which was launched by Billy Markus & Jackson Palmer around 9 years ago. The initial launch of the Dogecoin use case was nothing but in late 2020 Tesla CEO Elon Musk came in support of this coin and made it a globally popular cryptocurrency. Due to the support of Elon, Dogecoin stands at 10th rank in the crypto industry. At present many big businesses are accepting Dogecoin as a payment option.
At present, the crypto market is showing better positive signs toward recovery. In particular, Ethereum showed a more than 10% increase in price over the last 24 hours. And also the whole crypto market showed a net increment in the Inflow of funds.
In this small recovery phase, the on-chain Doge transactions surged rapidly. Today it touched around $72,764 transactions in a single day, which is an all-time high for Dogecoin in 2022.
Dogecoin co-founder Billy Markus also shared his happiness on Twitter.
If we look at 2021, then the maximum Dogecoin transactions per day were around 140k transactions per day in Q1 2021.
Dogecoin needs use cases
No doubt that Elon is a biggest celebrity in this world, who has better potential to bring influence among the crypto & non-crypto world and also his support for Dogecoin is appreciable but another side we are in that phase where we needs perfect reasons to go with Dogecoin investment in the long term.
The majority of the crypto investors are in Dogecoin investment for the short term and they are not looking at this coin as the best store of value.
If the project team behind Dogecoin will not introduce better use cases of dogecoin then surely the future will not give value to Dogecoin in a similar way.