Dogecoin daily transactions hit record high surpassing Bitcoin, DOGE gears up for recovery

Dogecoin, the largest meme coin in the crypto ecosystem, witnessed a peak in daily transactions, which climbed to a record high of 650,000. On May 15, DOGE network transactions surpassed Bitcoin and Litecoin, setting a new record. 

The meme coin’s price started recovering from the recent lows, climbing to $0.0728. 

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Dogecoin transactions skyrocket, surpass Bitcoin and Litecoin

Dogecoin transactions surpassed Bitcoin and Litecoin on May 15, hitting a peak of 650,000. Inspired by Bitcoin Ordinals' BRC20 and Litecoin’s LTC20 token standard, Dogecoin network got its DRC20 standard fueling activity on the blockchain. 

Dogecoin transactions against Bitcoin and Litecoin 

The spike in on-chain activity on the Dogecoin network since May 13 has fueled a recovery in the meme coin price. The DOGE price climbed to $0.07360 earlier on Monday. 

DOGE price analysis

Dogecoin price broke out of its downward trend in the last week of April 2023. The meme coin started its recovery with the hype surrounding DRC20 token standard and is likely to face immediate resistance at $0.0783, a level that acted as support throughout April. 

The Fibonacci retracement from $0.1600 in November 2022 to $0.0622 in mid-March 2023 identifies key resistance levels for Dogecoin. 

There are three key resistances in DOGE price rally to the target of $0.1105, the December 2022 peak for the meme coin. DOGE price needs to tackle the 23.6% Fibonacci retracement at $0.0850, resistance at $0.0885, and the 38.2% Fibonacci level at $0.0991 before hitting its $0.1105 target. 

DOGE/USD 1-day price chart

If Dogecoin price nosedives below support at $0.0682, it would invalidate the bullish thesis and a drop to the $0.0622 March low is likely.