Dogecoin (DOGE) overtook Bitcoin (BTC) in daily transactions on Wednesday after the new DRC-20 standard was introduced.
According to new data from blockchain tracker BitInfoCharts, the number of daily transactions on the DOGE blockchain has reached a new all-time high, even surpassing that of the King Coin.
What is DRC-20?
The DRC-20 standard is a set of rules that developers can follow to create tokens on the Dogecoin network. They are created using the same technology as cryptocurrencies, but are not usually used as currency. Instead, they are used to represent ownership. The DRC-20 standard is similar to Bitcoin’s BRC-20 standard.
DRC-20 increases popularity of the Dogecoin network
The data shows that from May 10 to May 11, a day after the introduction of DRC-20 tokens, transactions on the Dogecoin blockchain increased nearly tenfold from 48,547 to 456,491. Just two days later, that number peaked at 628,209 before falling back to 88,453.
However, on May 17, the number of transactions on the memecoin reached more than 1.1 million, well exceeding that of BTC at the time, which had about 580,000 daily transactions.
This marks the second time that transactions on DOGE have surpassed those on BTC, according to the data. The first time was in December 2013, shortly after the launch of Dogecoin, when Bitcoin had about 67,000 transactions and DOGE had about 92,000.
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