The Surge in Dogecoin Transactions Outpaces Bitcoin and Litecoin Due to the Dogecoin Mania
Dogecoin’s network activity reached an all-time high with a tenfold increase in daily transactions, surpassing Bitcoin and Litecoin briefly. The surge in activity was recorded after the introduction of the DRC-20 token standard, which allows developers to create tokens that use Dogecoin for network fees. Supporters believe this will increase Dogecoin utilization and open the door for potential decentralized finance (DeFi) services. Critics, however, suggest that this may lead to network congestion and higher fees, making the network expensive and slower for regular users, hindering cryptocurrency adoption. The Securities and Exchange Commission (SEC) is reportedly targeting Coinbase in regulatory action.
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