Dogecoin Achieves Record Transfer Activity with 1.9 Million Transactions - Latest cryptocurrency news

Dogecoin Achieves Record Transfer Activity with 1.9 Million Transactions

A key Dogecoin community influencer, Tdogewhisperer, broadcasted via their personal platform that Dogecoin has set a new benchmark in transfer activity, recording 1.9 million transactions in a single day.

Dogecoin’s Surge in Transfer Counts

The surge was primarily due to the use of an inscription protocol that facilitates image minting on the blockchain, a process known for bloating network activity without adding practical utility. Tdogewhisperer highlighted the dramatic expansion of the maximum file size on the Dogecoin blockchain, now reaching 110 GB. They emphasized the potential constraints this could pose for node operators, possibly resulting in higher costs and reduced network speed for meaningful transactions.

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The community, which predominantly treats Dogecoin as a transactional currency, could face challenges if the ease of operating and hosting nodes deteriorates due to the inflated use of network resources for image transfers.

Tdogewhisperer pointed out the community’s division over the interpretation of these image inscriptions, with opinions split between viewing them as non-fungible tokens (NFTs) and considering them as unnecessary bloat or even spam. They mentioned that a faction within the community recommends leveraging a secondary layer network, Dogechain, to manage inscription-related transactions.

Bitcoin Advocate Max Keiser Challenges Dogecoin’s Value

In related news, Bitcoin proponent Max Keiser expressed criticism towards Dogecoin, categorizing it as a low-value asset and comparing it to other criticized altcoins. Keiser, who advises the President of El Salvador on Bitcoin matters, clarified that trading Dogecoin is not prohibited in the country, provided it is not regarded as a security. He concluded by extending an invitation to Dogecoin advocate Elon Musk to visit El Salvador, suggesting that the country holds promising opportunities.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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