Dogecoin (DOGE) surpassed Bitcoin (BTC) in terms of transaction volume on May 13, 2023. According to data from BitInfoCharts, DOGE recorded 628,000 transactions on that day, while BTC recorded 575,000 transactions. This is a significant milestone for DOGE, as it has traditionally been seen as a lesser-used cryptocurrency than BTC.
There are a few possible reasons for the increase in DOGE trading volume. One possibility is that DOGE's recent price rally has attracted new users to the cryptocurrency. Another possibility is that DOGE is being used more as a payment method, as it is accepted by a growing number of merchants.
Whatever the reason, the increase in DOGE trading volume is a sign that the cryptocurrency is gaining popularity. Whether DOGE can sustain this momentum long term remains to be seen, but the recent rise is certainly a positive development for the cryptocurrency.
Here are some additional details about DOGE's increased trading volume:
The surge occurred on May 13, 2023, which was the same day DOGE price reached a new all-time high of $0.73.
The rise was driven by a combination of factors, including increased buying pressure from retail investors and increased adoption by merchants.
The increase in transaction volume is a sign that DOGE is being used more and more as a payment method.
Whether DOGE can sustain this momentum long term remains to be seen, but the recent rise is certainly a positive development for the cryptocurrency.
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