Dogecoin, one of the first meme-coins to enter the cryptocurrency space, has been making waves in the past few months as its user base and daily transactions have surged.
BitcoinCasinos.com reported that in May 2023, there was a significant increase in Dogecoin’s total daily transactions from approximately 25,000 to 2.08 million, a massive surge of 8,220%. This remarkable achievement for the dog-themed meme crypto asset shows how far Dogecoin has come over the past few months.
The surge in daily transactions for Dogecoin was even more impressive because it surpassed the peak transaction volume of Bitcoin (BTC), the flagship decentralized finance (DeFi) asset. This is a significant milestone in Dogecoin’s history and will likely continue to drive its growth in the future.
BitcoinCasino’s financial analyst Edith Reads commented on the findings, “It’s encouraging to see Dogecoin succeeding and that its total daily transactions have exceeded Bitcoin’s peak transaction volume. This is proof of how Dogecoin has become an integral part of the cryptocurrency space and one of the most popular digital assets around. We can only expect to see more growth from this meme-inspired crypto project.”
DRC-20 Triggers Spike in DOGE Transaction Volume
Several Doge advocates have speculated that the launch of the DRC-20 token on Dogecoin’s network might be responsible for the surge in daily transactions. The DRC-20 token is a decentralized finance (DeFi) asset designed to provide users with exposure to different cryptos and blockchain networks, such as Bitcoin and Ethereum.
The new token standard allows users to record digital artifacts on the smallest indivisible unit of Dogecoin, called elons. Like BRC-20, you can utilize these inscriptions to develop digital assets specific to Dogecoin, or NFTs, without needing a sidechain or distinct token.
Introducing the DRC-20 token on Dogecoin’s network has sparked a flurry of activity from traders and investors, with many looking to profit from the potential 100x gains this new token could offer.
Given the buzz around DRC-20, it appears that many traders and investors are hedging their bets on Dogecoin’s network. This could explain the significant increase in daily transaction volume.
Despite this transaction surge, there are still some criticisms surrounding DRC-20 tokens and their potential impact on the network, especially concerning congestion and fees. Some members of the Dogecoin community have voiced their concerns about these issues, emphasizing that they should focus on ensuring the transactional currency use case is prioritized.
