DRC20 Tokens Take Dogecoin Community by Storm, Driving Record-Breaking Daily Transactions on the Network
With the BRC20 token economy maintaining a market capitalization of nearly $500 million, the introduction of the DRC20 token standard has sparked a flurry of excitement within the Dogecoin community. The emerging token type has ignited a surge of activity, leading to a substantial increase in daily transactions on the Dogecoin blockchain. Specifically, on Wednesday, May 17, 2023, the network recorded a tally of over 820,000 confirmed transactions so far.
Dogecoin’s DRC20 Token Standard Sparks Surge in Daily Transactions
After witnessing the success of the Ordinal inscription and BRC20 trend on the Bitcoin blockchain, the Dogecoin network now has its very own DRC20 token standard. This development enables users to create fungible token supplies on the Dogecoin network in a decentralized manner, with the mere cost of a single DOGE.
Taking inspiration from the actions of Litecoin developers after the Ordinals on Bitcoin, DRC20s have implemented a similar technology, allowing arbitrary content to be etched onto elons, the smallest unit of DOGE.
Dubbed “Doginals” by certain members of the DOGE community, the DRC20 tokens are garnering infrastructure backing from a couple of projects, albeit at a gradual pace. A prime example of this support is the integration of DRC20 token minting into the Dpalwallet software, which allows users to create their own Doginals.
Nonetheless, it’s important to note that DRC20s are still in their infancy, and the exact total supply of DRC20 tokens remains unknown. Furthermore, the absence of dedicated DRC20 marketplaces necessitates users to resort to over-the-counter (OTC) trades when buying or selling Doginals.
While the exact quantity of Doginal inscriptions minted on the Dogecoin network remains unknown, the network has been buzzing with a remarkable influx of daily transactions. Blockchair’s data reveals that on May 17 alone, over 820,000 transactions have been confirmed so far, marking a new record for the meme coin network’s daily transaction volume. The surge in activity gained its initial momentum on May 10, and within a span of three days, daily DOGE transactions soared beyond the 600,000 and 700,000 marks.
The future of Doginal inscriptions, much like their Bitcoin Ordinal counterparts, remains to be seen in terms of sustained demand. However, the trend has shown remarkable resilience over the past week, reaching its peak. DRC20s, are a hot topic and have garnered significant attention on social media platforms like Twitter. The coming weeks will shed further light on whether this DRC20 token phenomenon can maintain its momentum.
What are your thoughts on the rise of Doginals and the increasing daily transactions on the Dogecoin network? Share your insights and opinions about this subject in the comments section below.