Popular Memecoin Surpasses Bitcoin in Record Transaction Volume!

Earlier this week, the transaction volumes of this memecoin exceeded those of Litecoin and Bitcoin.

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Earlier this week, the transaction volumes of Dogecoin (DOGE) briefly surpassed those of Litecoin and Bitcoin.

  • DOGE Transaction Volume Sets Record, Surpasses Bitcoin.

Earlier this week, Dogecoin’s daily trading volume increased significantly, reaching ten times its daily average. This surge in trading activity followed the introduction of a new mechanism that allows token issuance on the Dogecoin blockchain.

On Sunday, the network recorded more than 645,000 transactions, as reported by BitInfoCharts.

Normally, Dogecoin sees an average of around 20,000 daily trades based on historical data. However, the adoption of the DRC-20 token standard on May 9 resulted in a significant increase in network activity.

These standards enable developers to create tokens that receive network fees in the form of Dogecoin (DOGE).

This enhances the attractiveness of Dogecoin and opens up possibilities for potential decentralized finance (DeFi) services that can be built on the blockchain.

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However, it is worth noting that the trading volume has returned to its previous levels as of today. This suggests that the temporary surge in volume was likely due to the initial excitement surrounding the introduction of the new token issuance mechanism.

The rise in volume suggests that more people are actively participating and engaging within the Dogecoin community.

While there has been an increase in transactions, not everyone is pleased with the distribution of DRC-20 tokens. Some experts argue that the use of DRC-20 tokens may lead to network congestion and deviate from Dogecoin’s original purpose as a currency for everyday transactions.

The issues of high fees and network congestion are valid concerns for any blockchain system, as they can make the network costly and sluggish for regular users. This can hinder the plans for widespread adoption of the technology.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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