What the numbers say:;The daily transactions on the Dogecoin (DOGE) network;reached a new;all-time high, hitting the 628,000 level on May 13, after a massive increase for three consecutive days. On the record day, Dogecoin transactions jumped to 628,209, up from the lowest level of 17,097 within the last 30 days. Within the same day, Dogecoin;also surpassed;Bitcoin's 575,495 daily transaction numbers, though the largest cryptocurrency by market cap has conventionally seen much more network activity than Dogecoin. The massive rise was attributed to the increased interest in minting new DRC-20 tokens on the Dogecoin network.
Relevance:;Earlier in May, the leading cryptocurrency Bitcoin also;hit the headlines;with its skyrocketed transaction numbers. The daily transactions on the network similarly reached a new all-time high on May 1. At the time, the record-high transaction levels were associated with the rise in the Ordinals;NFT;inscriptions, which simultaneously reached all-time highs on May 1.
What it means:;Ordinals are digital assets permanently attached to a satoshi, or 1/100,000,000 of a full Bitcoin (BTC).
Brands that should care:;The massive increase in Dogecoin network's daily transactions came at almost the same time as when Elon Musk announced;Linda Yaccarino;as Twitter's new;CEO. Musk is already quite famous for his support for Dogecoin, and earlier this year, the famous CEO even briefly shifted the;Twitter logo;to the DOGE symbol. Yaccarino has also recently hit the headlines with several DOGE-related accounts she follows. Hence, the announcement was predicted to have triggered a jump in the transaction numbers by making DOGE gain traction again.