Outpacing Bitcoin’s Daily Transactions: Examining The DRC-20 Phenomenon Of Dogecoin Tokens
Dogecoin has surpassed Bitcoin in daily transaction numbers, reaching a record-breaking 719,000 to Bitcoin’s 566,000 on the same day. The upturn was accredited to the new DRC-20 standard, allowing Dogecoin users to create NFT-like “Doginals”, with some predicting the technology could make way for decentralised finance on the blockchain. But concerns about potential network congestion and high fees have been raised, including within the Dogecoin community itself, which believes the complexity of DRC-20 tokens may detract from the currency’s original purpose. Developers echoed this, with Dogecoin core developer Patrick Lodder suggesting he was sceptical about the longevity of the trend due to potential under-engineering. Dogecoin’s user transactions leaped from 20,000 to 450,000 per day following the rollout of DRC-20 on 9 May.