“DRC-20 Craze Sparks Surge in Dogecoin (DOGE) Transaction Activity”

Dogecoin has experienced a surge in daily transactions, surpassing Bitcoin and Litecoin briefly for the first time ever. According to BitInfoCharts, daily Dogecoin transactions peaked above 628,000 on May 13th, while Bitcoin and Litecoin transactions stood at 575,490 and 341,082, respectively. This surge was triggered by the advent of DRC-20, a new token standard inspired by Bitcoin’s BRC-20 standard, which enables users to inscribe digital artifacts on each of the smallest indivisible units of DOGE, known as “elons.” Similar to BRC-20, inscriptions inscribe “elons” with arbitrary content, creating dogecoin-native digital artifacts or NFTs, without requiring a sidechain or separate token. Several Dogecoin advocates have been pushing the narrative that DRC-20 is the new BRC-20 with “100x potential.” The surge in transactions had a minor effect on the active address count of Dogecoin, which surged to above 67,000. Litecoin was also caught in a wave of surging active addresses thanks to the introduction of LTC:20, the crypto asset’s experimental standard for NFTs.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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