Cryptocurrency Dogecoin has set a historic high

The number of transactions in the Dogecoin (DOGE) network has risen to a historic high. This happened after the emergence of a new token standard DRC-20, which allows the issuance of NFTs and other tokens on the blockchain of the leading memcryptocurrency.

According to the BitInfoCharts platform, the number of transactions on the Dogecoin blockchain exceeded 1.2 million per day. This is not only the largest figure for the DOGE network, but also exceeds the maximum values for the Bitcoin network, where a similar BRC-20 standard was recently launched.

The BRC-20 and DRC-20 protocols were modeled after ERC-20 for Ethereum. These are protocols that allow other tokens to be launched «on top» of the blockchain in a single, network-compatible form. Until such a generalized standard appears, a separate blockchain must be created for each token. ERC-20 is the standard most widely used to create new tokens.

on May 9, the DRC-20 standard was launched on the Dogecoin network, allowing the launch of tokens tied to each indivisible DOGE unit called an Elon (Elon is named after the most famous fan of the memtoken, Elon Musk). One Dogecoin coin contains 100 million elons. These tokens can be issued both by NFTs and in the form of another cryptocurrency.

By analogy with the tokens on the Bitcoin network called Ordinals, this standard has already been named Doginals. Compared to the daily average of 20,000−30,000, the daily volume of transactions in the Dogecoin network has increased more than 40 times since May 9. Such an increase in activity may lead to overloading the network, which is not designed for a large number of transactions, and higher transaction fees.

The BRC-20 standard on the BTC network was launched in March, and on May 8, fees reached two-year highs due to the rush to issue memecoins on the flagship cryptocurrency’s blockchain. The popularity of their issuance was facilitated by a sharp rise in prices for memtokens such as PEPE and LADYS.