DRC-20 Hype Fest Triggers Huge Spike in Dogecoin (DOGE) Transaction Volume
After the frenzy of BRC-20 tokens in the Bitcoin network, their DRC-20 counterparties have triggered a massive spike in Dogecoin’s transaction volume.
The OG memecoin experienced a significant surge in daily transactions and even surpassed that of Bitcoin and Litecoin briefly for the first time ever.
According to data compiled by BitInfoCharts, the daily Dogecoin skyrocketed on May 13th and peaked above 628,000. Transactions for Bitcoin and Litecoin, on the other hand, stood at 575,490 and 341,082, respectively.
An update shared by DOGE community member Mishaboar pointed out the advent of DRC-20 – inspired by Bitcoin’s BRC-20 standard – as a major catalyst prompting the memecoin’s transactions to go parabolic.
Lately, several Dogecoin advocates on Twitter have been pushing the narrative that DRC-20 is the new BRC-20 with “100x potential.”
This new token standard was released last week and enables users to inscribe digital artifacts on each of the smallest indivisible units of DOGE, which is known as “elons.” As such, one DOGE is equivalent to 100,000,000 elons.
Similar to BRC-20, inscriptions inscribe “elons” with arbitrary content, creating dogecoin-native digital artifacts, or NFTs. Inscriptions do not require a sidechain or separate token.
The transaction spike had a minor effect on the active address count of Dogecoin, which surged to above 67,000. The figures climbed to levels not seen since August 2022, going above 100k in April amid the memecoin resurgence driven by PEPE.
Besides, Litecoin was caught in a wave of surging active addresses thanks to the introduction of LTC:20, the crypto-asset’s experimental standard for NFTs.