Ethereum

Bitcoin

Dogecoin

Resistance

<ul>
 <li>Dogecoin’s daily transaction volume reached 1.5 million transfers, marking an all-time high.</li>
 <li>The surge in transactions suggests increasing utility for transferring and tipping DOGE tokens.</li>
 <li>Despite the transaction spike, Dogecoin’s network handled the demand smoothly without congestion.</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=dogecoin" target="_blank" rel="noopener noreferrer nofollow">Dogecoin’s</a> original meme cryptocurrency had its transaction count reach fresh all-time highs this week, even as its price remains constrained below the $0.087 level.</p>
<p>According to developer <a href="https://twitter.com/mishaboar/status/1729563043032449261" target="_blank" rel="noopener noreferrer nofollow">Mishaboar</a>, Dogecoin’s daily transaction volume recently topped 1.5 million transfers over a 24-hour span. That figure builds on the over 1 million transactions recorded last Friday across the network, which is better known for its low fees and vibrant online community.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Nearly 1.5M transaction on the <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> network over the past 24 hours. Most of the traffic is connected to dust (very small transaction taking advantage of Dogecoin's low fees and dust limits). <br><br>Please note that the Dogecoin network is chugging along just fine and you can… <a href="https://t.co/ArDsOLEgcm" rel="noopener noreferrer nofollow">pic.twitter.com/ArDsOLEgcm</a></p>— Mishaboar (@mishaboar) <a href="https://twitter.com/mishaboar/status/1729563043032449261?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-elevated-transaction-activity-indicates-growing-utility-for-dogecoin">Elevated transaction activity indicates growing utility for Dogecoin</h2>
<p>The elevated transaction activity indicates growing utility for transferring and tipping DOGE tokens, even while speculative trading interest lags at current prices. However, developers noted that much of the spiked volume comes from minor transfers and movements of Dogecoin Ordinals and other tokens built on secondary DRC-20 infrastructure rather than core blockchain usage.</p>
<p>Still, the figures dwarf transaction levels on chains like Bitcoin and Ethereum and showcase Dogecoin’s structural capacity to support significantly higher adoption. Mishaboar affirmed that the network continues to handle the demand smoothly without congestion or delays.</p>
<p>From a user perspective, transacting with DOGE remains inexpensive, apart from select cases where higher priority fees apply for more time-sensitive needs. For node operators, however, surging transaction inputs do raise costs related to hard drive space and infrastructure maintenance, a possible deterrent for under-resourced participants.</p>
<p>On the price side, Dogecoin faces heavier resistance, according to analyst Ali, known as @ali_charts on social media. Ali points to the $0.087 level as a major weekly chart barrier where the 100-week, 200-week, and 50% Fibonacci moving averages all converge.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> | On the weekly chart, <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> faces a major hurdle at $0.087. This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.<br><br>Breaking past this barrier could open the gates for <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> to nearly double its price,… <a href="https://t.co/ALOUDuwKAy" rel="noopener noreferrer nofollow">pic.twitter.com/ALOUDuwKAy</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1729557606509744474?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Breaking above that dense overhead zone could open the door for DOGE to double in value towards the $0.14 target. However, firmly overtaking such well-established and psychologically key markers often proves difficult without a catalyst.</p>
<p>Still, Ali believes heightened interest from whales and financial institutions explains part of the expanding transaction counts and on-chain activity. With the network demonstrating robust capacity, greater fundamental utility could provide the spark DOGE needs to attempt breaking its nearly year-long downtrend.</p>

Dogecoin Transaction Volume Hits New Highs as Price Faces Resistance

Table of Contents

TheNewsCrypto

Other articles published on Nov 29, 2023

UK City Minister Asks Regulators to Embrace Some Risk-Taking in Financial Markets

IATA’s One Record Hackathon in Doha Marks a Milestone for AI Solutions in Air Cargo

STX Price Preps For A Massive Reversal Rally, Eyes A 60% Jump!

Terra Luna Classic Price Forecast: LUNC Skyrockets 26%, Is This A Pump and Dump Affair?

Expert crypto predictions; What’s next in 2024?

Memecoins Unveiled: Navigating the Unpredictable Landscape of Meme-Driven Cryptocurrency Investments

Join our free newsletter for daily crypto updates!