The recent introduction of the DRC-20 token standard has led to a significant increase in the number of Dogecoin transactions.
dogecoin transaction spike
Using data compiled from bitinfocharts.com, mishaboar noted that daily Dogecoin transactions had recently gone parabolic – peaking at around 630,000 on May 14.
While this peak was slightly less than bitcoin, it was still enough to surpass Litecoin – which had around 350,000 daily transactions.
It was noted that bitcoin and litecoin daily transactions have been on an upward trend since then, while dogecoin daily transactions have declined.
Behind the move is the introduction of the DRC-20 alternative token standard, which Mishabor says is causing users to pile into the Dogecoin network in a mining frenzy.
,Many people have been mining these “tokens” for the past two days.,
The BRC-20 token touched an all-time high market valuation of $1 billion on May 8, driven by meme coin FOMO. Market cap valuations have sunk since the market crash $540 million,
In conjunction with pepeThe ERC-20 token that ignited meme season — suffering a 61% drop since its May 5 peak — has some wondering whether meme coins’ momentum is over for this cycle.
What are DRC-20 tokens?
DRC-20 tokens rolled out May 9 And follow the same technical setup as BRC-20 token.
Like the BRC-20 standard, digital artifacts can be written on each of the smallest indivisible units of DOGE – known as alons – of which there are 100,000,000 in one dogecoin.
Inscriptions can contain “arbitrary content,” creating Dogecoin-native digital artifacts – fulfilling properties that include non-fungible and non-fungible tokens (NFTs) without sidechains or separate tokens.
In a play on bitcoin ordinals, this standard was nicknamed dogginals. chimes – A Solana-based MIME project that deploys to the new DRC-20 standard.
Due to it being early days, the DRC-20 token collection does not yet exist. However, in sharing mining instructions, puzzle Named several DRC-20 tokens coming in Chimes, Dogevo, Misu, Pepe, and Meme, among many others.