After the BRC-20 token craze in the Bitcoin network, the DRC-20 counterparty triggered a significant surge in Dogecoin trading volume.
OG Memecoin experienced a massive surge in daily transactions, briefly surpassing Bitcoin and Litecoin transactions for the first time ever.
- according to the data Edited According to BitInfoCharts, the daily Dogecoin skyrocketed on May 13, hitting a high of over 628,000. Meanwhile, Bitcoin and Litecoin had 575,490 and 341,082 transactions, respectively.
- update share by DOGE community member Mishaboar pointed out that the emergence of DRC-20, inspired by Bitcoin’s BRC-20 standard, was a major catalyst for the parabolic movement of memecoin transactions.
- Recently, some Dogecoin advocate Twitter is spreading the theory that the DRC-20 is the new BRC-20 with “100x more potential.”
- This new token standard was released last week and allows users to write digital artifacts into each of DOGE’s smallest indivisible units known as ‘elons’. Therefore, 1 DOGE is equivalent to 100,000,000 Euros.
- Similar to BRC-20, the inscription inscribes arbitrary content into “Earon” to create a Dogecoin-native digital artifact, or NFT. Inscriptions do not require sidechains or separate tokens.
- The spike in transactions had a small impact on the number of active addresses on Dogecoin, but the number of active addresses surged to over 67,000. The figure climbed to levels not seen since August 2022, surpassing 100,000 in April amid PEPE’s resurgence of memecoins.
- Additionally, Litecoin has been caught in a wave of surges in active addresses thanks to the introduction of LTC:20, an experimental standard for crypto NFTs.
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