Dogecoin (DOGE) Network Activity Soars as Price up
Dogecoin (DOGE) has experienced a remarkable surge in network activity, coinciding with a 14% price increase
At the time of writing, DOGE was up 14% in the last 24 hours to $0.095. Within this time frame, large transaction volumes, according to IntoTheBlock data, have skyrocketed by 119%, reaching an impressive 16.5 billion DOGE. Large Transaction Volume provides an estimate of the total amount transacted by whales and institutional players on a given day
Additionally, total fees on the Dogecoin network as reported by the same on-chain source have seen a notable increase. Fees increased from 20,340 DOGE to 28,470 DOGE, reflecting increasing demand for network transactions. Total fees are often indicative of levels of activity. Typically, when fees rise, it indicates that a large number of users want to transact in relation to a blockchain's throughput. As demand grows, users are willing to pay higher fees to complete their transactions
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