DRC-20 Tokens Drive Dogecoin Transactions to New Heights
The meme-inspired cryptocurrency, Dogecoin, has witnessed an explosive surge in its transactions, driven by the newly introduced DRC-20 token standard.
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As per the data compiled from bitinfocharts.com, Dogecoin transactions reached a zenith of approximately 630,000 on May 14, a figure that nearly touched Bitcoin's and left Litecoin's numbers in the dust.
The DRC-20 token standard, which mirrors the mechanics of the BRC-20 standard, allows the inscription of digital artifacts on each indivisible unit of DOGE, termed “elons”. This feature facilitates the creation of diverse content including fungible and non-fungible tokens (NFTs), directly on the Dogecoin blockchain, eradicating the need for a sidechain or a distinct token.
The excitement surrounding DRC-20 tokens seems to be fueled by several Twitter accounts propagating the idea that DRC-20 could be the successor to BRC-20, with tokens minted on the former allegedly possessing “100x potential”. This buzz has come at a time when BRC-20 tokens, having reached a market cap of $1 billion on May 8, are witnessing a downturn, with their current market cap standing at $540 million.
Despite the optimistic outlook, some market watchers are pondering whether the meme coin hype has exhausted its course for the current cycle, given that Pepe, the ERC-20 token that catalyzed the meme season, has experienced a 61% drop from its peak price on May 5.
While it's still early days for DRC-20 tokens, a slew of tokens have already been announced, including Cheems, Dogewow, Misu, Pepe, and Meme, heralding an exciting new chapter in the world of meme coins.
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