DRC-20 Hype Fest Triggers Massive Surge in Dogecoin (DOGE) Transaction Volume

Following the BRC-20 token frenzy in the Bitcoin network, their DRC-20 counterpart Dogecoin has seen a massive increase in transaction volume.

The OG Memecoin experienced a significant jump in daily transactions and even briefly surpassed bitcoin and litecoin for the first time.

• according to statistics compiled Daily Dogecoin skyrocketed on May 13, reaching above 628,000, according to BitInfoCharts. On the other hand, the transactions for bitcoin and litecoin stood at 575,490 and 341,082 respectively.
• an update shared DOGE community member Mishabor pointed to the advent of DRC-20 – inspired by bitcoin’s BRC-20 standard – as a major catalyst driving Memecoin’s transactions to go parabolic.
• Recently, many Dogecoin advocate Twitter is pushing the narrative that the DRC-20 is the new BRC-20 with “100x the power”.
• This new token standard was released last week and enables users to mark digital artifacts on each of the smallest indivisible units of DOGE, known as “aleons.” As such, one DOGE is equivalent to 100,000,000 ELON.
• Similar to BRC-20, the inscriptions “alones” inscribed with arbitrary content, creating Dogecoin-native digital artifacts, or NFTs. Inscription does not require a sidechain or separate token.
• The transaction spike had a minor impact on the number of active addresses for Dogecoin, which rose above 67,000. Memecoin climbed above 100k in April to figures not seen since August 2022 amid a PEPE-driven resurgence.
• Furthermore, thanks to the introduction of LTC:20, the crypto-asset’s experimental standard for NFTs, Litecoin was caught in a wave of rising active addresses.