DRC-20 Reasons for Increased Dogecoin Transaction Volume

DRC-20 Reasons for Increased Dogecoin Transaction Volume

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Gilles Cedric Y.

The long-awaited DRC-20 standard launched this week. Immediately afterwards, DOGE’s daily trading volume is at an all-time high from a long time. As a reminder, this new standard must now allow tokens to be issued on the Dogecoin blockchain.

Coindesk announcing on Twitter that $Doge daily trading volume peaked earlier this week following the launch of the DRC-20 standard.

What does DRC-20 change?

DRC-20, the new standard that was largely driven by BRC-20 on Bitcoin has received a huge media hype. It’s no surprise that the number of Dogecoin transactions reached an all-time high after its launch. We get from cryptopotato that the OG Memecoin has increased significantly, which was even go beyond Bitcoin and Litecoin. In fact, Bitinfocharts has collected data that shows the number of transactions on Dogecoin peaking at over 628,000. At the same time, transactions on Bitcoin and Litecoin were 575,490 and 341,082 respectively.

Specifically, DRC-20 must allow users to register digital artifacts on Elons. These are the smallest indivisible units of Doge. One dog equals 100,000,000 Elons. No sidechain or separate token is required for registration. These standards allow developers to issue tokens that charge network fees in the form of Dogecoin (DOGE). The Dogecoin value proposition is enhanced. So we could see decentralized financial services (DeFi) that could be based on this Blockchain. This increase in the level of transactions, however, had little effect on the number of active Dogecoin addresses. It reached over 67,000.

Not everyone is happy with this new normal

As with the deployment of BRC-20 on Bitcoin, observers expect massive network congestion with the deployment of DRC-20 on Dogecoin. Critics are concerned about that the congestion created by DRC-20 no longer allows the network to fulfill its daily currency mission.

Dogecoin DRC-20 Community Should Stop This Shameless Hype“, To writing is a member of the Dogecoin community on Twitter. ” Everyone probably should focus on transaction currency use case“, To declared another.

DRC-20 brings features that could offer more utility to Dogecoin. On the other hand, it could cause a traffic congestion huge and cause an increase in costs. Do the cons here outweigh the pros?

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Gilles Cedric Y. avatar

Gilles Cedric Y.

SEO web editor specializing in cryptocurrencies, decentralized finance and Web 3, I produce attractive and topical texts. My goal is to democratize the crypto world and inform readers of news in the sector.


The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.

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