Dogecoin ($DOGE) Surpasses Bitcoin and Litecoin in Transaction Volume as DRC20 Tokens Take Off

15 May 2023

in DOGE

Reading Time: 3 mins read

Doge2014 Celebrates 10 Years of Dogecoin and the Meme Coin Craze – Up to 50% Presale Bonus for Early Birds

30 July 2024

Dogecoin Proponent Elon Musk Reveals Why He Doesn’t Really Like Crypto

30 July 2024

The meme-inspired cryptocurrency Dogecoin ($DOGE) has seen its daily transaction volume surge to a new all-time high, to the point that it surpassed the transaction volumes of the largest digital currency by market capitalization, Bitcoin ($BTC), and that of a cryptocurrency often seen as the silver to Bitcoin’s gold, Litecoin ($LTC).

According to data shared by Dogecoin enthusiast Mishaboar on the microblogging platform Twitter, Dogecoin’s transaction volume surged to a new all-time high as users have been looking to mint DRC20 tokens on top of the network.

Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 “standard”) and other stuff on top of the Dogecoin network.

Many have been rushing to mint these “tokens” over the past two days. pic.twitter.com/Vt60MxX1no

— Mishaboar (@mishaboar) May 15, 2023

Per Mishaboar’s transactions chart, Dogecoin’s daily transactions hit a peak of 650,000, outshining the transaction volumes of both Bitcoin and Litecoin. DRC20 is a token standard on the Dogecoin network, that allows for the creation of new digital assets on top of the blockchain.

The DOGE influencer noted that Patrick Lodder, a leading Dogecoin developer, had predicted this trend a few days earlier when the surge in daily transactions was noticeable but had not yet reached the current record-breaking levels.

However, reactions to this development within the crypto community have been mixed. While some members of the Dogecoin community were excited by the news, others expressed skepticism.

Notably, crypto enthusiast Martin Stauber challenged the claim that the surge in transactions came from DRC20 token minting and transactions, but noted that the data he examined showed that the DOGE network traffic was surging as a handful of wallets were making exceptionally high transaction counts, often exceeding the 5,000 mark in a number of days after being created.

As CryptoGlobe reported, late last week a mysterious DOGE whale transferred over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions that came shortly after Tesla and Space X CEO Elon Musk announced his intention to install a new CEO for the microblogging platform Twitter.

The DOGE whale moved the 13 million tokens, worth over $927,000 at the time of the transaction, from different multiple wallets to a newly created wallet, in a series of transactions that cost them just 3.63 DOGE in fees, equivalent to $0.26.

These developments surfaced against the backdrop of Musk’s departure from the CEO position of Twitter, as the enigmatic entrepreneur recently revealed that Linda Yaccarino, NBCUniversal’s current head of global advertising, will head the microblogging platform.

Notable movements have been occurring on the Dogecoin blockchain over the last few weeks. As CryptoGlobe reported, an inactive DOGE address with 1.5 million tokens has recently reemerged after remaining dormant for 9.3 years.

As reported, tens of billions of tokens of the meme-inspired cryptocurrency are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $3.7 billion.