Coinpedia Reports Dogecoin Experiences Highest Daily Transactions Following Introduction of ‘DRC-20’ Tokens
Dogecoin has seen a surge in daily transactions after the launch of a new token issuance mechanism. On Sunday, the cryptocurrency recorded over 645,000 transactions, a lifetime peak. The new system involves miners choosing transaction fees for each block they create, which are then added to the total reward for that block. This has led to an increase in transactions as users take advantage of lower fees. The popularity of Dogecoin, a cryptocurrency initially created as a tongue-in-cheek response to Bitcoin, has been on the rise since earlier this year when it gained the attention of Tesla CEO Elon Musk. The tech billionaire has been a vocal supporter of the cryptocurrency, tweeting about it and even using his own company’s resources to mine Dogecoin. However, some experts caution that the surge seen in Dogecoin’s popularity and value is not necessarily sustainable in the long term, as it lacks the technical capabilities and infrastructure of other cryptocurrencies like Bitcoin and Ethereum. Nonetheless, the excitement around Dogecoin continues to draw in investors and traders alike.