The number of daily transactions for Dogecoin DOGE/USDa popular meme-inspired cryptocurrency surged Sunday night.
What happened: Data from bitinfocharts.com shows that the number of daily transactions for DOGE peaked on May 14 at around 630,000.
This number remained slightly below Bitcoins BTC/USD The daily transaction volume was nevertheless exceeded Litecoins LTC/USD The daily number of transactions at that time was around 350,000.
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Why it matters: It seems that the introduction of the fungible token standard DRC-20 is responsible for this surge in transactions.
Since the standard’s launch on May 9, users have been rushing to mint tokens on the Dogecoin network.
DOGE advocate Mishaboar noted that “many have rushed to mint these ‘tokens’ over the past two days.”
BRC-20 tokens powered by meme coin FOMO reached a peak market value of $1 billion on May 8th. However, after the market downturn, their market cap rating has since dropped to $540 million.
DRC-20 tokens allow users, like BRC-20 tokens, to write digital artifacts onto any of DOGE’s smallest indivisible units without the need for a sidechain or separate token. Inscriptions can contain any content, creating Dogecoin-native digital artifacts.
Price promotion: At the time of writing, DOGE was trading at $0.071, down 1.53% over the past 24 hours. according to Benzinga Pro.
Continue reading: Bitcoin, Ethereum and Dogecoin fall on liquidity squeeze: Analysts say King Crypto could hit new all-time highs in 2023
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