Skepticism from Core DOGE Dev Despite Surge in Dogecoin Activity with Ordinals
Dogecoin has hit a new all-time high of 719,000 daily transactions following the creation of the DRC-20 standard, which allows the creation of meme coins on the Bitcoin network. Similar to NFTs, users have created their own “Doginals” by inscribing tokens into the smallest denomination of dogecoins. Despite the spike in interest, Dogecoin’s core developer Patrick Lodder has said that the craze could be short-lived because it has not had enough thought given to it and that he hasn’t discovered a good way to program these tokens and give them actual function in a trustless way, unlike ERC-20 tokens. Dogecoin’s daily transactions are usually stable at around 20,000 per day, but over the past week, they have spiked and been volatile. On May 10, just one day after the rollout of the DRC-20 standard, Dogecoin transactions surpassed 450,000, and they reached over 700,000 yesterday, enough to surpass Bitcoin’s transaction volume. It is unclear whether these transaction volumes will remain high or whether it is simply a fad.
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