Here’s the revised title: The DRC20 Effect: DOGE Transactions Supersede BTC and LTC, but There’s a Twist.
Dogecoin has experienced a surge in daily transactions, surpassing Bitcoin and Litecoin, with over 650,000 transactions in one day. This is due to the introduction and adoption of the DRC20 token standard, which allows for experimental fungible tokens on the Dogecoin blockchain. The creators of DRC20 created a Twitter page, Doge Labs, to inform members of the community about the objective and to solve indexer challenges. However, the development has not necessarily impacted NFT sales volume on the Dogecoin blockchain, which has seen a decline in interest. Active addresses have responded to the innovation, increasing to 129,000 in 24 hours, indicating an impressive level of interaction from existing addresses. However, the rush to mint tokens on the network has created challenges for Dogecoin in terms of clogging issues. While Dogecoin may appear to have surpassed Bitcoin and Litecoin in network activity due to DRC20, it does not guarantee long-term viability or a more established ecosystem.