Dogecoin Daily Transactions Hit ATH Thanks to DRC-20

Dogecoin (DOGE) daily transactions have surged to an all-time high (ATH) of 650,000 recently, driven by the creation of a large number of DRC-20 tokens on the Dogecoin network.

Dogecoin Daily Transactions Hit ATH Thanks to DRC-20

Dogecoin Transactions Surge Past Bitcoin and Litecoin

According to data shared by Dogecoin enthusiast and Twitter user Mishaboar, Dogecoin’s transaction volume has skyrocketed to a new ATH due to users creating DRC-20 tokens on the platform.

The daily transaction volume of Dogecoin has reached a peak of 650,000, surpassing the transaction volumes of both Bitcoin (BTC) and Litecoin (LTC).

The Dogecoin network recently introduced a new token standard called DRC-20, which allows for the creation of new digital assets. This has excited the Dogecoin community and led to a record number of transactions for the top memecoin.

Patrick Lodder, a leading Dogecoin developer, had predicted this trend a few days before the surge in daily transactions, though it had not yet reached the current record levels.

Community Reaction

The development has sparked interest within the Dogecoin community but has also led to debates and discussions within the broader crypto space, with some expressing skepticism.

Twitter user Uncle Chad has raised concerns that some users may be creating worthless tokens and attempting to bring them onto the Dogecoin blockchain. In response, Morgan Ralston, a former developer at Next Level Games, challenged the DOGE community to prove that the DOGE network can handle what Bitcoin cannot.

Similarly, Martin Stauber noted that transaction data he reviewed indicated that "some people are trying to push DRC-20 tokens and other assets onto the Dogecoin network." Stauber suggested that much of the transaction traffic on the DOGE network comes from a few wallets, some of which have shown massive transaction volumes exceeding 5,000 transactions in three days compared to their initial creation.

These events follow Elon Musk’s announcement on May 11 that he would step down and choose a new CEO for Twitter.

DOGE Joins the Memecoin Wave

Regardless of the community’s stance on this issue, Dogecoin has clearly captured attention in the crypto market and created a notable memecoin wave. Recently, memecoins have been drawing considerable interest from users.

One standout memecoin is Pepe the Frog (PEPE), which led this trend. In just three days from April 16 to April 17, 2023, PEPE saw an astronomical growth of 21,000% and recorded a trading volume of $30 million.

By early May, PEPE had entered the top 100 coins by market capitalization and was listed on Binance on May 5.

Elon Musk, CEO of Twitter, has been a significant influencer in the memecoin space. He has openly expressed his fondness for Dogecoin and has repeatedly caused memecoins to surge, including his recent move of replacing Twitter’s logo with Dogecoin.