Dogecoin Transactions Soar Thanks To The Presence Of The DRC-20 Token Standard

Dogecoin transactions are increasing. (Photo; Doc. Techstory)

JAKARTA - Recently, one of the Dogecoin development teams, Myshaboar, stated that Dogecoin (DOGE) transactions had increased dramatically. The increase occurred due to the emergence of standard tokens in the Dogecoin network, namely DRC-20.

For information, DRC-20 is a token standard that allows users to print NFTs. This is inspired by the BRC-20 Bitcoin standard that succeeded in generating Bitcoin Ordinarys. Some people call unofficially digital art printed on DRC-20 as Doginals.

That way, many people start printing new digital tokens and art in the Dogecoin network. This is expected to strengthen Dogecoin's position as the world's leading meme coin.

Based on bitinfocharts reports, Moshaboar noted daily Dogecoin transactions had increased parabolicly recently, peaking at around 630,000 on May 14 yesterday

However, this significant increase is still slightly below Bitcoin. This increase also managed to surpass transactions that occur on the Litecoin network, which amounts to 350,000 transactions per day. For the record, Bitcoin and Litecoin transactions experienced an increase first before Dogecoin.

With the presence of the DRC-20 token standard, users can print NFT digital art. Moshaboar stated that users who want to print NFT on the Dogecoin network have started to boom over the past two days."

This success arose due to the narrative echoed by a number of Twitter accounts stating that DRC-20 is the new BRC-20. Despite all that, Dogecoin has a large community base from various countries and is active in charity movements.

The BRC-20 token standard peaked the market valuation of US$1 billion (Rp 14.8 trillion) on May 8, driven by the FOMO meme coin. After the market decline, the market capitalization valuation has fallen to US$540 million (Rp7.9 trillion).