According to new data from blockchain tracker BitInfoCharts, the number of daily transactions on the DOGE blockchain has hit a new all-time high, surpassing even that of the top crypto asset by market cap.
The DRC-20 standard is a set of rules that developers can follow to create tokens on the Dogecoin network. They are created using the same technology as cryptocurrencies, but they are typically not used as a currency. Instead, they are used to represent ownership. The DRC-20 standard is similar to Bitcoin’s BRC-20 standard.
The data reveals that from May 10th to May 11th, a day after DRC-20 tokens were introduced, transactions over Dogecoin’s blockchain increased nearly tenfold from 48,547 to 456,491. Just two days later, that number spiked to 628,209 before crashing all the way down to 88,453.
However, on May 17th, the number of transactions on the memecoin reached over 1.1 million, easily surpassing that of the king crypto BTC at the time, which saw about 580,000 daily transactions.
This marks the second time that transactions on DOGE have overtaken those on BTC, according to the data. The first time was back in December 2013, shortly after the launch of Dogecoin, when Bitcoin had about 67,000 transactions and DOGE had about 92,000.
At the time, DOGE outpaced BTC in daily transactions until about mid-February 2014.
Dogecoin is trading for $0.074 at time of writing, a fractional decrease during the last 24 hours while Bitcoin is valued at $27,017, a 0.85% gain in the last day.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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