Daily Dogecoin transactions experience a parabolic rise thanks to DRC-20 tokens
Inspired by Bitcoin’s BRC-20 standard, DRC-20 is hoping to sustain the meme coin momentum.
Dogecoin transactions spike
Mishaboar noted, utilizing data from bitinfocharts.com, that daily Dogecoin transactions had recently gone through a meteoric rise, reaching a peak of approximately 630,000 on May 14.
Even though this peak was only slightly lower than that of Bitcoin, it was still enough to surpass Litecoin, which at the time had approximately 350,000 transactions per day.
Dogecoin’s daily transactions have decreased, but Bitcoin and Litecoin’s daily transactions have since risen.
Behind this move is the presentation of the DRC-20 fungible symbolic norm, with Mishaboar saying clients are climbing into the Dogecoin network in a stamping craze.
“Many have been rushing to mint these “tokens” over the past two days.“
A variable behind the premium has all the earmarks of being a few Twitter accounts pushing the story that DRC-20 is the new BRC-20 — with tokens printed on the previous having “100x potential.”
Due to the meme coin FOMO, BRC-20 tokens reached a peak market valuation of $1 billion on May 8. The market cap valuation has since decreased to $540 million as a result of the market decline.
Some question whether the momentum for meme coins has ended for this cycle in conjunction with Pepe, the ERC-20 token that kicked off meme season. Pepe has experienced a 61% decline since its May 5 peak price.
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What are DRC-20 tokens?
DRC-20 tokens carried out on May 9 and follow a comparable specialized arrangement to BRC-20 tokens.
Digital artifacts can be written on each of the smallest indivisible units of DOGE, called elons, which are 100,000,000 in number, just like the BRC-20 standard.
Engravings can contain “erratic substance,” which makes Dogecoin-local computerized curios – satisfying characteristics that incorporate fungible and non-fungible tokens (NFTs) without a sidechain or separate token.
Cheems, a Solana-based meme project that used the new DRC-20 standard, gave this standard the nickname Doginals to play on Bitcoin Ordinals.
A collection of DRC-20 tokens does not yet exist due to the early stage. Enigma, on the other hand, mentioned a number of upcoming DRC-20 tokens in its minting instructions, including Cheems, Dogewow, Misu, Pepe, and Meme, among others.
