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

After the BRC-20 tokens craze in the Bitcoin network, their DRC-20 counterparts caused a huge spike in Dogecoin transaction volume.

OG’s memecoin saw a huge spike in daily transactions and even briefly surpassed Bitcoin and Litecoin for the first time ever.

• According to the data compilation and production By BitInfoCharts, the daily value of Dogecoin rose on May 13 and peaked above 628,000. On the other hand, bitcoin and litecoin transactions were at 575,490 and 341,082 respectively.
• an update subscriber By DOGE community member Mishaboar he points to the emergence of the DRC-20 – inspired by Bitcoin’s BRC-20 standard – as a key catalyst driving memecoin transactions to move into a parabola.
• Recently, several Dogecoin advocates On Twitter he pushed the narrative that the DRC-20 is the new BRC-20 with “100x potential”.
• This new token standard was released last week and enables users to register digital artifacts on each of DOGE’s smallest indivisible units, known as “elons”. As such, one dog is equivalent to 100,000,000 Elons.
• Similar to BRC-20, vignettes engrave “elons” with arbitrary content, creating dogecoin-native digital artefacts, or NFTs. Inscriptions do not require a separate side chain or token.
• The transaction spike had a slight impact on the number of active addresses for Dogecoin, which rose to more than 67,000. The numbers rose to levels not seen since August 2022, crossing 100,000 in April amid PEPE-driven mymcoin recovery.
• Besides, Litecoin has been caught in a wave of increasing active addresses thanks to the introduction of LTC:20, the crypto-asset beta standard for NFTs.