According to BitInfoCharts, Dogecoin (DOGE) has recorded a significant spike in network activity over the past two days, processing over 4 million transactions between May 27th and 28th.
The increase outpaced the number of transactions processed by historical rivals such as Ethereum (ETH) and Bitcoin (BTC). ETH recorded 1.9 million transactions during the reporting period, while BTC recorded less than 1 million transactions.
The data show that this trend has been consistent over the last seven days. Between May 22nd and May 28th, Dogecoin completed over 9 million transactions while the Ethereum network recorded nearly 6 million transactions. Bitcoin completed 3.3 million transactions during the same period.
Dogecoin Network Activity Surges With DRC-20 Token
Following the growing popularity of Bitcoin’s BRC-20 token, DOGE enthusiasts implemented a similar model, namely the DRC-20 token, which contributed to Dogecoin’s surge in trading volume.
The DRC-20 model facilitates the creation and trading of tokens on the Dogecoin blockchain similar to how ERC-20 tokens work on the Ethereum network, but uses the BRC-20 standard as inspiration.
The hype surrounding these new assets has led to a surge of these tokens within the cryptocurrency community. Dogecoin Enthusiast, Mishaboar Said:
“DRC20 tokens are minted as follows: dogecoin Because of the low fees and a kind of “fetish” of minting meme tokens on top of the memecoin blockchain that started it all. “
With increased network activity, concern Some community members argue that this could cause network congestion and adversely affect Dogecoin’s primary purpose of providing an efficient, low-cost, and accessible means of everyday transactions. .
DOGE Rising Hashrate
Dogecoin’s transaction volume growth, on the other hand, coincided with a period of hashrate growth, with a 38% increase in May.
According to Minerstat dataDogecoin’s hashrate jumped to 934.03 TeraHash per second (TH/s) from 660.61 TH/s recorded on May 1st.
An increase in hash rate usually indicates an increase in the number of miners on the network. It can also measure the health and security strength of the blockchain.
Despite increased network activity and hashrate, Dogecoin’s price remained relatively unaffected, with the digital asset rising just 2% over the past week and down 10% over the past 30 days. At the time of writing, Dogecoin is trading at $0.0732, according to. of crypto slate data.
Post-Dogecoin Trading Volume Flips Ethereum Amid DRC-20 Token Fever First Appeared on CryptoSlate.
