While the horizontal trend in the cryptocurrency market continues, remarkable on-chain data is recorded in many blockchain networks.
Although the price of the joke-themed cryptocurrency DOGE has remained stagnant since the beginning of the month, some important metrics are running record after record. Twitter user @Tdogewhisperer, who shared network data with the Dogecoin community, revealed that daily meme coin transfers broke a historical record.
— Doge Whisperer 🐕 (@TDogewhisperer) May 23, 2023
The social media phenomenon, which follows the network data, emphasized that the number of DOGE transfers reached 1.4 million daily. While the transaction amount did not exceed 70 thousand in the March-May period, the astronomical rise experienced Dogecoin investors excited.
The joke-themed cryptocurrency draws the attention of analysts by nearly doubling Bitcoin in the metric in question. On-chain data shows that the daily number of BTC transfers is around 500 thousand today.
Despite the increase in network activity, DOGE transaction fees are still cheap compared to most of its competitors. A whale who transferred $13 million worth of Dogecoin the other day paid just 8 cents in transaction fee.
Although Elon Musk's favorite altcoin lost value in the second half of April, it exhibits more horizontal price movements as of May.
Although the bears prevailed in the $0.081 – $0.075 band, pushing the price down further, the bulls continue to resist at the $0.07 level.