Hashrate for Dogecoin, a popular meme-inspired cryptocurrency, has dropped by double digits in the past 24 hours after a week of increased activity due to the popularity of DRC-20 tokens. These tokens allow for the transfer of fungible tokens on the Dogecoin network, similarly to the Ethereum ERC-20 standard. As their popularity rose, so did the number of transactions on the network, with a 60x spike in DOGE transactions in a 20-day period, according to NewsBTC. This led to an increase in hashrate, with Dogecoin’s hashrate surpassing 1 petahash per second (PH/s) on May 17, according to CoinWarz data. However, with a lull in interest for DRC-20 tokens, investors have moved away from Dogecoin, leading to a decrease in hashrate by over 34% in the last 24 hours to 470.70 terahash per second (TH/s). Additionally, Dogecoin’s price did not positively react to the hype, instead, it stayed on the same path as the rest of the crypto market. It is currently seeing resistance at the $0.075 level, with a trading volume of $163 million, and is holding steady as the eighth-largest cryptocurrency in the market. It is unlikely that DOGE will move on its own from this point and will likely follow the movement patterns of Bitcoin, or a tweet from billionaire Elon Musk could push the price higher.