Transaction Volumes Ten Times Higher After the Introduction of DOGE Coin’s DRC-20
Dogecoin has seen a surge in daily transaction volume, reaching a new lifetime peak of over 645,000 transactions on Sunday. This increase is attributed to the launch of the DRC-20 token standard on May 9, which enables the creation of tokens that accept Dogecoin as network fees. However, some members of the Dogecoin community have criticized the DRC-20 token distribution, arguing that it may cause network congestion and diverge from the original intent of Dogecoin as a regular form of payment. Additionally, there have been contradicting signals about the direction of the Dogecoin price trend, with technical analysis showing that the price was unable to go past the $0.115 barrier zone, indicating negative indicators. Meanwhile, Whale Alert reported five transactions totaling 680 billion DOGE, valued at around $48 million each, from a single wallet address. The whale is currently the fifth-largest holder of DOGE. These developments suggest turbulent times ahead for the meme coin Master.