Users minting DRC20 tokens drive Dogecoin transaction volumes beyond Bitcoin and Litecoin.
Dogecoin, the largest meme coin by market capitalization, has seen a surge in daily transaction volumes that have surpassed those of some of the largest digital assets such as Bitcoin, Litecoin, and Bitcoin Gold. The volumes are coming from an increased number of people minting DRC20 tokens, which is the token standard for the Dogecoin network. These tokens allow people to create new digital assets on the Dogecoin blockchain. Some members of the Dogecoin community have expressed excitement on the matter, while others have expressed skepticism. Some have attributed the increase in transaction volumes to a few wallets making significantly high transaction counts. Last week, a mysterious whale address transferred more than 13 million DOGE tokens in several transactions, which happened shortly after Elon Musk announced plans to have a new CEO take over the leadership mantle at Twitter. The high transaction volumes on the Dogecoin network also come after Musk appointed the former head of global advertising at NBCUniversal, Linda Yaccarino, as the new CEO of Twitter. An inactive Dogecoin address with 1.5 million tokens was reactivated after being dormant for 9.3 years, and tens of billions of tokens of Dogecoin are currently being held by long-term investors, with those holding for more than one year having more than $3.7 billion worth of tokens.