DRC20 Token Craze Pushes Dogecoin ($DOGE) Ahead of Bitcoin and Litecoin in Transaction Volume
Dogecoin’s daily transaction volume has surged to a new all-time high, surpassing Bitcoin and Litecoin, as users have been looking to mint DRC20 tokens on top of the network. According to Dogecoin enthusiast Mishaboar, the daily transactions of Dogecoin hit a peak of 650,000. DRC20 is a token standard on the Dogecoin network, which allows for the creation of new digital assets. However, some within the crypto community have expressed skepticism about the surge in transactions, with one member noting that the DOGE network traffic was surging as a handful of wallets were making exceptionally high transaction counts, often exceeding the 5,000 mark in a number of days after being created. Additionally, a mysterious DOGE whale transferred over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions last week, shortly after Elon Musk announced his intention to install a new CEO for Twitter. As entities that have been holding onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $3.7 billion, long-term investors are retaining tens of billions of Dogecoins.
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