​Number of DOGE transactions reaches an all-time high after the emergence of the DRC-20 standard

What’s new? On May 14, the daily volume of transactions on the blockchain of the Dogecoin (DOGE) meme token reached an all-time high (ATH) of 628 209 and momentarily surpassed the Bitcoin and Litecoin networks. A Twitter user under the nickname Mishaboar reported this, citing data from the BitInfoCharts analytics portal. According to his assumption, such dynamics are associated with the activity around the DRC-20 standard for creating tokens on the Dogecoin network. Mishaboar explained that the innovation led to an influx of users interested in creating such digital assets.

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

What else is known? Mishaboar noted that Patrick Lodder, the meme cryptocurrency’s leading developer, predicted an upward trend in the number of DOGE transactions on May 11, when it was already visible, but the figure had not yet reached record levels.

A member of the crypto community, Martin Stauber disagrees with Mishaboar’s theory and argues, the main traffic came from several large wallets that made small transactions. According to his data, one such address sent 5766 transfers in 24 hours.

@inevitable360 All the traffic is coming from quiet a few wallets, some with enormous traffic like this one: 5,766 transactions in the last 3 days.https://t.co/cryfl2m1t8They aren't transferring small amounts of money either. Lots and lots. pic.twitter.com/8MLAmaFWYo — Martin Stauber (@UsaRandom) May 14, 2023

What is known about DOGE? The meme cryptocurrency was created in 2013 by Billy Markus and Jackson Palmer. In September, DOGE became the second most capitalized cryptocurrency on the PoW algorithm. As of May 16, it ranks ninth in the overall cryptocurrency ranking with a capitalization of $10 billion and is trading at $0,07009, down by 3,96% overnight, according to Binance.

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The DRC-20 standard, launched May 9, is similar in principle to BRC-20 on the Bitcoin network and also allows the creation of non-fungible tokens on top of the blockchain.

Congratulations🎺🌹, the DRC-20 protocol has been released, and there are still some rules to be formulated. I hope Dogecoin will actively participate in the construction. #Dogecoin #Drc20 #Dogewowhttps://t.co/bo4u6Pz9d1 — Dogewow | DRC20-Cardinals (@dogewow_club) May 9, 2023

On May 4, the wallet, inactive for more than 9 years, made a transfer of 550 999 DOGE worth $43 600. The address had been inactive since January 29, 2014, when a user bought 1 005 995 coins for about $1360.