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Dogecoin Transactions Hit The Roof, Surpass Litecoin's Daily Count — What's Going On With The DRC-20 Standard?

Published 16/05/2023, 07:33
© Reuters Dogecoin Transactions Hit The Roof, Surpass Litecoin's Daily Count — What's Going On With The DRC-20 Standard?

Benzinga - The number of daily transactions for Dogecoin (CRYPTO: DOGE), a popular meme-inspired cryptocurrency, spiked on Sunday evening.

What Happened: Data from bitinfocharts.com reveals that the number of daily transactions for DOGE peaked at around 630,000 on May 14.

While this figure fell marginally short of Bitcoin’s (CRYPTO: BTC) daily transaction volume, it still managed to surpass Litecoin’s (CRYPTO: LTC) daily transaction count of about 350,000 at the time.

See More: The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage

Why It Matters: It appears that the introduction of the DRC-20 fungible token standard is responsible for this surge in transactions.

Users have been rushing to mint tokens on the Dogecoin network ever since the standard rolled out on May 9.

DOGE proponent Mishaboar noted that "many have been rushing to mint these “tokens” over the past two days."

BRC-20 tokens, which were driven by meme coin FOMO, hit a peak market valuation of $1 billion on May 8. However, after the market downturn, their market cap valuation has since sunk to $540 million.

DRC-20 tokens, like BRC-20 tokens, allow users to inscribe digital artifacts on each of the smallest indivisible units of DOGE without requiring a sidechain or separate token. Inscriptions can contain arbitrary content, which can create Dogecoin-native digital artifacts.

Price Action: At the time of writing, DOGE was trading at $0.071, down 1.53%, in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Fall Amid Liquidity Crunch Worries: Analyst Says King Crypto Could Hit Fresh All-Time Highs In 2023

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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