Dogecoin (DOGE) Transactions Exceed Bitcoin And Ethereum

Dogecoin. (Photo; Doc. Unsplash)

JAKARTA One of the most popular meme coins, Dogecoin (DOGE), has experienced an increase in daily transactions in its network. Unmitigated, transactions that occur in the Dogecoin network have succeeded in surpassing high transactions on leading crypto networks such as Bitcoin and Ethereum.

The Bitcoin network has an average of around 400,000 532,000 transactions per day in the past week. While Ethereum has transactions that manage to process around 1 million transfers every day. The Dogecoin network transactions managed to surpass both.

The Dogecoin network has consistently confirmed more than one million daily transactions since May 22. Then on May 23, the Dogecoin network increased to 1.42 million transactions. The highest transaction occurred on May 27 yesterday where the Dogecoin network managed to process 2,079.70 transactions.

According to Blockchair data, May 28, 2023, Dogecoin transactions have successfully surpassed Bitcoin and Ethereum with more than two million transactions in the last 24 hours. Then on May 28, 2023, although transactions have increased dramatically, it seems that the Dogecoin network shows no signs of delay or delay.

The skyrocketing of DOGE transactions cannot be separated from the emergence of DRC20 token standards that allow users to print NFT digital art. As happened in the Bitcoin network with its BRC20 which succeeded in producing new innovations on the Bitcoin network in the form of Bitcoin Ordinary.

DRC20 or commonly referred to as Doginal which causes an increase in transactions on the Dogecoin network is similar to what happened to Bitcoin a few months ago. The difference is, the Dogecoin network has no impact on rising transaction costs as experienced by the Bitcoin network.

Citing the Bitcoin.com News page, along with a spike in transactions, the Dogecoin network, which can be combined with Litecoin, has seen a significant hashrate increase over the past few weeks. As an illustration, the Hashrate Scrypt dedicated to the Dogecoin network on May 9 reached 638 terahash per second (TH/s). Then, the hashrate has increased by 38.71 percent to its current position of 885 TH/s.

The emergence of DRC20 has a positive impact on the development of DOGE in particular, and the Dogecoin community in general. That way, it is worth waiting for digital art to emerge from this network.