Dogecoin, one of the biggest meme coins, has reached an all-time high of 650,000 daily transactions, surpassing Bitcoin and Litecoin. The surge in traffic is due to the increasing trend of piling tokens on top of the blockchain and the growing interest in creating tokens on the Dogecoin network using the DRC20 standard.

However, some analysts argue that the increase in transactions is due to a few wallets making unusually high transactions. Additionally, a previously inactive DOGE address containing 1.5 million tokens has resurfaced after being dormant for 9.3 years. As of writing, DOGE is trading at $0.07223 with a 1.14% decline in the last 24 hours.