The number of Dogecoin transactions increased thanks to the recent introduction of the DRC-20 token standard.
Dogecoin transactions spike
Using data collected from bitinfocharts.com, mishaboar noted that daily Dogecoin transactions had become parabolic lately – peaking at around 630,000 on May 14.
While this peak was slightly less than Bitcoin’s, it was still enough to surpass Litecoin — which had around 350,000 daily transactions at the time.
It was noted that Bitcoin and Litecoin daily transactions have been on an upward trend since then as Dogecoin daily transactions dip.
Behind this move is the introduction of the DRC-20 fungible token standard, with Mishaboar saying that users are entering the Dogecoin network on a whim.
“Many have rushed to mint these “tokens” over the past two days.“
A factor behind the interest appears to be multiple Twitter accounts Push the story that DRC-20 is the new BRC-20 – with tokens minted on the first with “100x potential.”
BRC-20 tokens hit a peak market valuation of $1 billion on May 8, driven by meme coin FOMO. Following the market downturn, the market cap valuation has since dropped to $540 million.
In combination with Pepethe ERC-20 token that kicked off the meme season – with a 61% withdrawal since its May 5 peak price – some are wondering if the momentum for meme coins has ended for this cycle.
What are DRC-20 Tokens?
DRC-20 tokens rolled out The 9th of May and follow a similar technical setup to BRC-20 tokens.
Like the BRC-20 standard, digital artifacts are registrable on any of DOGE’s smallest indivisible units – known as elons – of which there are 100,000,000 in a Dogecoin.
Inscriptions can contain “arbitrary content,” creating Dogecoin-native digital artifacts — fulfilling qualities that include fungible and non-fungible tokens (NFTs) without a sidechain or separate token.
In a play on Bitcoin Ordinals, this standard was nicknamed Doginals Cheems – a Solana based meme project implemented on the new DRC-20 standard.
As it is early days, no compilation of DRC-20 tokens exists yet. However, when dividing coin instructions, Puzzle mentioned several upcoming DRC-20 tokens in Cheems, Dogewow, Misu, Pepe, and Meme, among others.