Dogecoin transaction volumes surpass Bitcoin and Litecoin as users mint DRC20 tokens

Updated: 16 May 2023

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Dogecoin, the largest meme coin by market capitalization, has reported a massive increase in daily transaction volumes. These volumes have increased to an all-time high and now surpassed the volumes of some of the largest digital assets in the space by market capitalization, such as Bitcoin, Litecoin, and Bitcoin Gold.

Dogecoin transaction volumes surge as users mint DRC20 tokens

One of the members of the Dogecoin community, Mishaboar, has created a post on Twitter saying that the transaction volumes for DOGE had increased to an all-time high. These transaction volumes are surging as users mint DRC20 tokens on the Dogecoin network.

Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 "standard") and other stuff on top of the Dogecoin network.

Many have been rushing to mint these "tokens" over the past two days. pic.twitter.com/Vt60MxX1no

— Mishaboar (@mishaboar) May 15, 2023

“Daily Dogecoin transactions have skyrocketed to ATH (650k), surpassing BTC and LTC transactions today due to folks trying to cram tokens (DRC20 “standard”) and other stuff on top of the Dogecoin network,” Mishaboar said.

The Dogecoin enthusiast also shared a transactions chart showing the total daily transactions for DOGE. These transactions increased to a peak of 650,000, surpassing the transaction volumes reported on some of the largest networks, such as Bitcoin and Litecoin.

These volumes are coming from an increased number of people that are minting DRC20 tokens. DRC20 is the token standard for the Dogecoin network. People can create new digital assets on the Dogecoin blockchain, and these tokens obtain the DRC20 standard.

There has been much interest in DRC20 tokens. According to Dogecoin influencer Patrick Lodder, the trend in DRC20 tokens is expected to result in a notable increase in the transaction volumes on the Dogecoin network. The daily transactions on this blockchain were soaring and are now at record-breaking levels.

Crypto community expresses mixed reactions

There have been mixed reactions to this development. Some members of the Dogecoin community have expressed their excitement on the matter, while some have expressed their skepticism.

Martin Stauber has refuted claims that the increase in transaction volumes comes from the minting of DRC20 tokens and transactions. According to Stauber, the data coming from the Dogecoin network showed an increase in transaction volumes because a few wallets were making significantly high transaction counts.

Last week, a mysterious whale address transferred more than 13 million DOGE tokens in several transactions. These transactions happened shortly after the CEO of Tesla, Elon Musk, announced plans to have a new CEO take over the leadership mantle at Twitter.

🐕🪙🐋🚨

13,070,441 $DOGE ($927,413 USD) was transferred from multiple wallets to an unknown wallet.

Fee: 3.63 ($0.26 USD)

Tx: https://t.co/jVnoMwNCyA #DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2023

The high transaction volumes on the Dogecoin network are also happening after Musk appointed Linda Yaccarino as the new CEO of Twitter. Yaccarino was the former head of global advertising at NBCUniversal and will help drive the revenues at the social media platform.

Other significant developments have also been seen on the Dogecoin network in recent weeks. An inactive Dogecoin address with 1.5 million tokens was reactivated after being dormant for 9.3 years. 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.

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