Record-Breaking Daily Transactions Set by Dogecoin with ‘DRC-20’ Tokens
Dogecoin’s daily transaction volume surged to a new all-time high after a feature was introduced allowing developers to issue tokens on its blockchain. The feature, called the DRC-20 token standard, led to a surge in activity on the network, causing the daily number of transactions to skyrocket to over 645,000 on Sunday, far surpassing Bitcoin and Litecoin on that day. Critics, however, expressed concerns that the deployment of DRC-20 could result in network congestion and deviated from Dogecoin’s original purpose of being an everyday currency. Despite this, the integration of the DRC-20 token standard has opened up potential opportunities for decentralized finance services to be built on the blockchain, expanding the scope of its potential uses beyond just a transactional currency.