Dogecoin (DOGE) Reaches New Transaction Highs Amidst Concerns Over Network Bloat
In the realm of social media, formerly known as Twitter, the original meme currency, Shiba Inu (SHIB), has surged to new heights with a staggering 1.9 million transactions within a 24-hour period.
Record-Breaking DOGE Transactions:
DOGE transactions have reached unprecedented levels, marking a significant milestone. However, a concern arises as @Tdogewhisperer reveals that this surge is primarily driven by “images engraved on the blockchain” – Non-Fungible Tokens (NFTs). The use of engravings often leads to network bloat without practical utility. Many have recommended utilizing the second-layer Dogechain network for these transactions.
Community Divide:
The DOGE community appears divided between those viewing these images as akin to NFTs and those considering them as bloatware or random data. Notably, a user mentioned an exponential increase in the file size that can be transferred on the Dogecoin blockchain, reaching 110 gigabytes. @Tdogewhisperer warns that if this trend continues, it may eventually restrict users from running their private contracts, increasing hosting costs and slowing down the entire network.
Striking a Balance:
As the majority of users perceive DOGE as a currency and use it for transactions rather than file transfers or image registration, maintaining the functionality of the blockchain and ensuring ease of contract hosting becomes crucial.
Max Keizer Criticizes DOGE, Calls Out Elon Musk for El Salvador On Friday, Max Keizer, Bitcoin maximalist and El Salvador’s Bitcoin advisor, took to Twitter to express his views on Dogecoin, labeling it as a speculative security in line with his previous critiques of XRP, SOL, ADA, and other major alternative currencies.
READ MORE Recent Network Activity Sparks Interest in Dogecoin (DOGE) Despite Bearish Signals
He emphasized that in El Salvador, where he resides and serves as a Bitcoin advisor to President Nayib Bukele, trading DOGE without being registered as a security is illegal. Keizer called upon Elon Musk, the world’s wealthiest advocate, to visit El Salvador and explore the opportunities presented by the country. Currently, El Salvador accepts donations worth a million dollars in Bitcoin or Ethereum for issuing passports to foreigners.
