The Dogecoin blockchain has witnessed a significant surge in transaction activity ever since the inception of DRC20 tokens. When compared to other prominent networks, Dogecoin has stood out with its substantial volume of processed transactions. Recent statistics reveal an unprecedented milestone reached on May 27, 2023, as the number of DOGE transactions soared to a record-breaking high of more than 2 million.
Dogecoin’s Transfer Activity Skyrockets, Hashrate Climbs More Than 38%
The leading meme coin network, Dogecoin, has been leaving behind network giants like Bitcoin and Ethereum in the race for daily transaction settlements. While Bitcoin has averaged around 400,000 to 532,000 confirmed transactions per day over the past week, and Ethereum has been processing approximately a million transfers daily, Dogecoin has surpassed them both.
Since May 22, the Dogecoin network has consistently confirmed over a million transactions each day, reaching 1.42 million on May 23. Saturday, May 27 witnessed a milestone for the Dogecoin network as it soared to an all-time high, processing 2,079,070 transactions.
Today, on May 28, 2023, the network shows no signs of slowing down, with the transaction count already surpassing the million mark and continuing to climb. The surge in DOGE transactions can be attributed to the introduction of DRC20 tokens, akin to the BRC20 tokens minted on the Bitcoin blockchain.
The realm of DRC20 tokens is expansive, but their current values lack the indexed structure found in BRC20s, making it difficult to figure out the worth of these newfound assets. Presently, DRC20s, also known as Doginals, are primarily exchanged through over-the-counter (OTC) trades, reminiscent of the early days when Bitcoin-based Ordinal inscriptions were traded before the advent of Ordinal exchange platforms.
Alongside the surge in transactions, the Dogecoin network, which can be merge mined with Litecoin, has experienced a notable uptick in hashrate over the past few weeks. To illustrate, the Scrypt hashrate dedicated to the Dogecoin network on May 9 stood at 638 terahash per second (TH/s). However, it has escalated by 38.71% to its current standing of 885 TH/s.
