The number of transactions in the Dogecoin network rose to an all-time high
The daily number of transactions in the Dogecoin network grew to an all-time high of 720,000.
Daily transaction volume increased more than 20 times after memcoin blockchain enables the issuance of NFTs and other tokens
The daily number of transactions in the Dogecoin network has grown to an all-time high. This happened after the emergence of the new DRC-20 token standard, which allows NFT and other tokens to be issued on the blockchain of the leading meme cryptocurrency.
On May 16, according to the BitInfoCharts platform, the number of transactions in the Dogecoin blockchain exceeded 719,000, which is not only the highest figure for the DOGE coin network but also exceeds the maximum values for the Bitcoin network, where a similar BRC-20 standard was recently launched.
The BRC-20 and DRC-20 protocols were modeled after the ERC-20 for Ethereum. These are protocols that allow other tokens to be created "on top of" the blockchain in a single network-compatible way. Prior to this generalized standard, a separate blockchain had to be created for each token. ERC-20 is the most widely used standard today for creating new tokens.
On May 9, the Dogecoin network launched the DRC-20 standard; it allows the creation of a token tied to each indivisible DOGE unit, which is called Elon (Elon - after Elon Musk, the most famous fan of the meme cryptocurrency). There are 100 million Elons in one Dogecoin coin. These tokens can be issued in the form of NFT or other cryptocurrencies.
Similar to tokens in the Bitcoin network called Ordinals, this standard has already been nicknamed Doginals.
Compared to the daily average of 20,000-30,000, the daily volume of transactions in the Dogecoin network increased more than 20 times after May 9. This increased activity could lead to overloading the network, which is not designed for a large number of transactions, and to an increase in transaction fees.
The BRC-20 standard in the Bitcoin network began in March, and on May 8, fees reached two-year highs due to the excitement of the issuance of memcoins on the blockchain of the first cryptocurrency. The popularity of their issuance was boosted by a surge in the price of meme tokens like PEPE and LADYS.
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