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Dogecoin (DOGE) Hits New Transaction Record, but There's Big Catch

source-logo  u.today 03 February 2024 18:15, UTC

Dogecoin community member @Tdogewhisperer took to the X social media platform (known as Twitter in the not-so-distant past) to spread the word about the new high reached by the original meme coin — 1.9 million transfers within 24 hours.

DOGE transfers hit new high, but here's issue

@Tdogewhisperer revealed that this peak was reached mostly due to “images inscribed on the blockchain,” NFTs, basically. Inscriptions frequently bloat the network and have no actual use case. He added that many have recommended using a Layer 2 network for those transactions, Dogechain.

The DOGE community seems to be split into those who consider these images similar to NFTs and those who view them as bloatware or spam.

The aforementioned X user also wrote that the size of a file that can be transferred on the Dogecoin chain has seen a quick increase in size to 110 gigabytes. If this increase continues, @Tdogewhisperer wrote, “It could eventually limit users from running their own nodes.” This turn of events would make a single node hosting more expensive and would also slow down the whole network when it is used not for transferring images but something more valuable.

Since the majority of users consider DOGE a currency and use it for this purpose (and not for sending files or inscribing images), it is important to keep this blockchain operational and nodes easy to host.

Max Keiser slams DOGE, invites Elon Musk to El Salvador

On Friday, Bitcoin maximalist Max Keiser posted two tweets, in which he took a dig at Dogecoin, referring to it as an s-coin and a security in line with his earlier attacks against XRP, SOL, ADA and other major altcoins.

He tweeted that in El Salvador, where Keiser lives and works as a Bitcoin advisor to president Nayib Bukele (in 2020, this country-state proclaimed Bitcoin as a national currency), it is illegal to trade DOGE unless it is registered as a security. Keiser also invited the world’s biggest and wealthiest supporter Elon Musk to come over to El Salvador and check out the opportunities offered by this country.

It’s illegal to *trade* DOGE on an exchange in #ElSalvador unless it registers as the security-it-unmistakably-is

We are #BITCOIN COUNTRY@nayibbukele is the President of #BITCOIN COUNTRY.

We invite @elonmusk to come here and see for himself the incredible opportunities on… https://t.co/aKmJprB2UT

— Max Keiser (@maxkeiser) February 2, 2024

Currently, El Salvador accepts donations worth $1 million in Bitcoin or Tether for issuing a passport to foreigners.