Huge Surge in Dogecoin (DOGE) Transaction Volume Fueled by DRC-20 Hype Fest
Dogecoin’s transaction volume saw a significant surge, surpassing Bitcoin and Litecoin for the first time ever. The surge was triggered by the advent of DRC-20 tokens, a new token standard that enables users to inscribe digital artifacts on each of the smallest indivisible units of DOGE, known as “elons”. Similar to the BRC-20 standard, inscriptions inscribe “elons” with arbitrary content, creating dogecoin-native digital artifacts or NFTs without requiring a sidechain or separate token. The surge in transactions had a minor effect on the active address count of Dogecoin, which climbed to levels not seen since August 2022, going above 100k in April amid the memecoin resurgence driven by PEPE. Litecoin also saw a surge in active addresses due to the introduction of LTC:20, the crypto-asset’s experimental standard for NFTs. Some Dogecoin advocates on Twitter have been pushing the narrative that DRC-20 is the new BRC-20 with “100x potential”.