- Dogecoin daily transactions climbed to an all-time high of 650,000 and surpassed Bitcoin and Litecoin on May 15.
- Bitcoin network’s BRC20 and Litecoin’s LTC20 inspired Dogecoin’s DRC20 standard, fueling on-chain activity in the meme coin.
- DOGE price started its recovery from the recent pullback, climbing to the $0.0728 level.
Dogecoin, the largest meme coin in the crypto ecosystem, witnessed a peak in daily transactions, which climbed to a record high of 650,000. On May 15, DOGE network transactions surpassed Bitcoin and Litecoin, setting a new record.
The meme coin’s price started recovering from the recent lows, climbing to $0.0728.
Also read: GALA price rallies 5% ahead of Version 2 tokens airdrop
Dogecoin transactions skyrocket, surpass Bitcoin and Litecoin
Dogecoin transactions surpassed Bitcoin and Litecoin on May 15, hitting a peak of 650,000. Inspired by Bitcoin Ordinals' BRC20 and Litecoin’s LTC20 token standard, Dogecoin network got its DRC20 standard fueling activity on the blockchain.
Dogecoin transactions against Bitcoin and Litecoin
The spike in on-chain activity on the Dogecoin network since May 13 has fueled a recovery in the meme coin price. The DOGE price climbed to $0.07360 earlier on Monday.
DOGE price analysis
Dogecoin price broke out of its downward trend in the last week of April 2023. The meme coin started its recovery with the hype surrounding DRC20 token standard and is likely to face immediate resistance at $0.0783, a level that acted as support throughout April.
The Fibonacci retracement from $0.1600 in November 2022 to $0.0622 in mid-March 2023 identifies key resistance levels for Dogecoin.
There are three key resistances in DOGE price rally to the target of $0.1105, the December 2022 peak for the meme coin. DOGE price needs to tackle the 23.6% Fibonacci retracement at $0.0850, resistance at $0.0885, and the 38.2% Fibonacci level at $0.0991 before hitting its $0.1105 target.
DOGE/USD 1-day price chart
If Dogecoin price nosedives below support at $0.0682, it would invalidate the bullish thesis and a drop to the $0.0622 March low is likely.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Grayscale files S-3 form for Digital Large Cap ETF comprising Bitcoin, Ethereum, XRP, Solana, and Cardano
Grayscale, a leading digital asset manager operating the GBTC ETF, has filed the S-3 form with the United States (US) Securities and Exchange Commission (SEC) in favor of a Digital Large Cap ETF.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO
Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC).
Solana Price Forecast for April 2025: SOL traders risk $120 reversal as FTX begins $800M repayments on May 30
Solana price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.