Backed by the DRC20 frenzy, Dogecoin (DOGE) managed to surpass Bitcoin and Litecoin in the number of transactions, albeit for a short time.
A new trend such as DRC20 and BRC20 has entered the crypto ecosystem. This trend means the emergence of new tokens in the Bitcoin network and the Dogecoin network. Although they do not have a fully settled structure yet, these projects have started to attract intense interest from crypto investors.
The high demand for DRC20 projects increased the Dogecoin transaction volume to 650 thousand. Reaching this level, Dogecoin managed to surpass Bitcoin and Litecoin in the number of transactions, albeit for a short time.
Dogecoin Gets Great Interest With DRC20
New network structures such as BRC20 and DRC20 continue to accelerate their crypto project. In particular, DRC20 has gained strong momentum on the Dogecoin side. It was observed that transaction volumes increased and incoming demand increased block rewards on the Dogecoin side.
Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 "standard") and other stuff on top of the Dogecoin network.
Many have been rushing to mint these "tokens" over the past two days. pic.twitter.com/Vt60MxX1no
— Mishaboar (@mishaboar) May 15, 2023
Dogecoin maximalist Mishaboar stated that daily Dogecoin transactions are increasing rapidly, hitting record highs. In a chart he shared, Mishaboar also showed that there were periods when Dogecoin transactions were more than Bitcoin and Litecoin.
Also, Martin Stauber argued that the increased trading volumes in Dogecoin are not related to DRC20. According to Stauber, this is due to the processes performed by many DOGE whales.
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