Dogecoin DOGE Smashes New Transaction Record…but There’s a Big Catch

Dogecoin DOGE Smashes New Transaction Record…but There’s a Big Catch
#crypto #cryptofoxxy #dogecoin #doge inscriptions #dogecoin network

Dogecoin has recently hit a high for transactions on the network but it isn’t because of payments. Inscriptions are becoming incresingly popular.
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.

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Hey everyone how’s it going today this is crypto foxy thank you so much for stopping by my channel so in this video we’re going to talk about Dogecoin and the uptick in inscriptions that they are seeing on the network uh some believe that this could potentially be disastrous uh for the uh cryptocurrency

Um ecosystem but uh we’re going to talk about a couple of different factors there before we do smash like button on this video And subscribe to my channel for more cryptocurrency news and I cover Dogecoin I cover many cryptocurrencies Dogecoin is my favorite memec coin I say

That in almost all my Dogecoin videos just because it is and uh I might be a little biased there but uh Dogecoin does hit new transaction record but there is a big catch obviously we’re talking about inscriptions um and the Doge Whisperer revealed that it that this

Peak of uh you know where um they had hit a new high was mostly due to images inscribed on the blockchain nfts are basically what inscriptions are very similar to um and they are bloating the network is his opinion um many have recommend using a layer 2 Network for

This purpose and leaving Dogecoin for uh using for you know Financial transactions and purchases and such the Doge Community seems to be split in into uh those who consider these images similar to nfts and those who view them as blow Weare or spam but the size of a

File that can be transferred on the Doge Dogecoin chain has seen a quick uh increase in size to 110 gigabytes so if this uh the continues to increase it could eventually limit users from running their own nodes um it would make a single node hosting more expensive and

It would slow down the whole network when it’s being used so that’s the beauty of Dogecoin is you can run your own node and you can be profitable doing that and you’re contributing to the success of the network and making sure it’s secure and fast and doing what it’s basically

Supposed to do um so that is something that uh that they do have to address you know whether it be that they you know look at maybe you know putting a later 2 network if it’s possible in the Doge chain I’m not a a developer so I’m not

Really sure if that’s possible um but uh you know other people are getting a little bit ticked off because of the you know it’s slowing down the network and such but Dogecoin so cheap to transact with it does make sense that they can use it for inscriptions so you know

Maybe maybe this is just a couple of uh community members own opinions and they just don’t like it inscriptions because they they think it’s you know uh similar to nfts but um you know inscriptions are something that I think we’re basically in the discovery phrase uh phase for and

Uh you know I think we’re going to be in this phase for a little while we’re going to figure out what um you know that this this can be used for for real world utility and uh you know maybe this is something that people are going to

Look at Dogecoin and the Dogecoin chain and say wow you know this is this is like made for that you know maybe they’re going to find their their overall um I know they already have a purpose but you know maybe evolve into you know their purpose you know if you

Know what I mean right like um you know obviously you know things happen and development happens and uh things evolve over time and you know maybe maybe inscriptions is something that Dogecoin needs to uh to open up to and um you know start looking at a viable solution

To uh have both things comfortably running on the network um but that’s what I got for you in this video um I just wanted to give you a quick update so you know Dogecoin is doing very well you know the transactions are are there um the network is doing great however

You know inscription are clogging it up some and uh you know community members are getting a little ticked off there so uh I’m not a you know I’m obviously not a developer you might not be a developer but let me know down below what do you think do you think the Dogecoin Network

Should be more open to uh you know accepting and even building on inscriptions um I think that they should because I think that there’s a lot of opportunity there and uh you know as long as it doesn’t you know compromise the security and the speed and the uh

You know the the price of the network I’m all for it that’s got for you in this video thank you so much for tuning in and I will catch you in the next one peace