Litecoin

Bitcoin

Dogecoin

April

After the frenzy of BRC-20 tokens in the Bitcoin network, their DRC-20 counterparties have triggered a massive spike in Dogecoin&#8217;s transaction volume.
The OG memecoin experienced a significant surge in daily transactions and even surpassed that of Bitcoin and Litecoin briefly for the first time ever.
<ul>
<li>According to data <a href="https://bitinfocharts.com/comparison/transactions-btc-ltc-doge-dogecoin.html#1y" target="_blank" rel="noopener" data-wpel-link="external">compiled</a> by BitInfoCharts, the daily Dogecoin skyrocketed on May 13th and peaked above 628,000. Transactions for Bitcoin and Litecoin, on the other hand, stood at 575,490 and 341,082, respectively.</li>
<li>An update <a href="https://twitter.com/mishaboar/status/1657923671371948034" target="_blank" rel="noopener" data-wpel-link="external">shared</a> by DOGE community member Mishaboar pointed out the advent of DRC-20 &#8211; inspired by Bitcoin&#8217;s BRC-20 standard &#8211;  as a major catalyst prompting the memecoin&#8217;s transactions to go parabolic.</li>
<li>Lately, several Dogecoin <a href="https://twitter.com/wacy_time1/status/1657681995080798209" target="_blank" rel="noopener" data-wpel-link="external">advocates</a> on Twitter have been pushing the narrative that DRC-20 is the new BRC-20 with &#8220;100x potential.&#8221;</li>
<li>This new token standard was released last week and enables users to inscribe digital artifacts on each of the smallest indivisible units of DOGE, which is known as &#8220;elons.&#8221; As such, one DOGE is equivalent to 100,000,000 elons.</li>
<li>Similar to BRC-20, inscriptions inscribe &#8220;elons&#8221; with arbitrary content, creating dogecoin-native digital artifacts, or NFTs. Inscriptions do not require a sidechain or separate token.</li>
<li>The transaction spike had a minor effect on the active address count of Dogecoin, which surged to above 67,000. The figures <a href="https://cryptopotato.com/dogecoin-doge-active-address-spike-above-100k-for-the-first-time-in-9-months/" target="_blank" rel="noopener" data-wpel-link="internal">climbed</a> to levels not seen since August 2022, going above 100k in April amid the memecoin resurgence driven by PEPE.</li>
<li>Besides, Litecoin was caught in a wave of surging active addresses thanks to the introduction of LTC:20, the crypto-asset&#8217;s experimental standard for NFTs.</li>
</ul>
The post <a href="https://cryptopotato.com/drc-20-hype-fest-triggers-huge-spike-in-dogecoin-doge-transaction-volume/" rel="nofollow">DRC-20 Hype Fest Triggers Huge Spike in Dogecoin (DOGE) Transaction Volume</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

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

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