Main page » Crypto News » DRC-20 Hype Fest Triggers Huge Spike in Dogecoin (DOGE) Transaction Volume
Crypto News

DRC-20 Hype Fest Triggers Huge Spike in Dogecoin (DOGE) Transaction Volume

DRC-20 Hype Fest Triggers Huge Spike in Dogecoin (DOGE) Transaction Volume

Following the craze of BRC-20 tokens on the Bitcoin network, the introduction of their DRC-20 counterparts has led to a significant increase in Dogecoin’s transaction volume.

The original memecoin experienced a noteworthy surge in daily transactions, briefly surpassing those of Bitcoin and Litecoin for the first time ever.

  • As per data gathered by BitInfoCharts, daily Dogecoin transactions soared on May 13th, peaking above 628,000, while transactions for Bitcoin and Litecoin stood at 575,490 and 341,082, respectively.
  • A DOGE community member, Mishaboar, shared an update highlighting DRC-20, inspired by Bitcoin’s BRC-20 standard, as a significant catalyst driving the memecoin’s surge in transactions.
  • Lately, several Dogecoin advocates on Twitter have been promoting the notion that DRC-20 is the new BRC-20 with “100x potential.”
  • This new token standard allows users to engrave digital artifacts on each of the smallest indivisible units of DOGE, known as “elons.” Therefore, one DOGE is equivalent to 100,000,000 elons.
  • Similar to BRC-20, engravings imprint “elons” with arbitrary content, creating dogecoin-native digital artifacts, or NFTs, without requiring a sidechain or separate token.
  • The transaction surge had a minimal impact on Dogecoin’s active address count, which surged to above 67,000, reaching levels not seen since August 2022, and going above 100k in April following a resurgence driven by PEPE.
  • In addition, Litecoin was caught in a wave of surging active addresses with the introduction of LTC:20, the crypto-asset’s experimental standard for NFTs.