Dogecoin Mania Fuels Surge in Transactions, Surpassing Bitcoin and Litecoin

[ad_1]

Dogecoin’s DOGE/USD network activity hit an all-time high earlier this week, with a tenfold increase in daily transactions.

The cryptocurrency, considered the first “meme coin”, briefly outperformed both Bitcoin BTC/USD and Litecoin LTC/USD.

On Sunday, more than 645,000 transactions were recorded on the network, a significant increase from Dogecoin’s usual average of around 20,000 daily transactions.

See also: Crypto holders show resilience as wallets with at least one bitcoin top 1 million

The spike in activity came after the introduction of the DRC-20 token standard on May 9. The DRC-20 token standard paves the way for developers to create tokens that use Dogecoin for network fees.

Proponents say this bolsters the use of Dogecoin and opens the door to possible decentralized finance (DeFi) services that could be built using blockchain technology.

Critics argue that the introduction of DRC-20 could lead to network congestion, deviating from Dogecoin’s original goal of becoming an everyday currency. High fees and network congestion are significant issues for any blockchain, they say.

These factors could potentially make the network more expensive and slower for regular users, which could hinder cryptocurrency adoption.

Next:SEC to target Coinbase in regulatory action

[ad_2]