Since DRC20 coins were introduced, the number of transactions on the Dogecoin blockchain has grown a lot. Dogecoin has stood out from other well-known networks because it handles a large number of deals. Recent data show that on May 27, 2023, the number of DOGE transactions hit a record-breaking high of more than 2 million. This was the first time that this had ever happened.
Hashrate goes up by more than 38%, and Dogecoin transfer activity goes through a record high.
Dogecoin, the leading meme coin network, has been passing network giants like Bitcoin and Ethereum in the race to settle daily transactions. In the past week, Bitcoin has had an average of between 400,000 and 532,000 approved transactions daily, and Ethereum has been handling about a million daily transfers. However, Dogecoin has passed them both.
Since May 22, the Dogecoin network has always approved more than a million transactions every day. On May 23, it reached 1.42 million. On May 27, the Dogecoin network reached a new all-time high by handling 2,079,070 transactions. This was a big deal.
Today, May 28, 2023, the network doesn’t seem to be slowing down. The number of transactions has already gone over a million and is still going up. The rise in DOGE transactions is likely due to the release of DRC20 tokens, which are similar to the BRC20 tokens that were created on the Bitcoin system.
The world of DRC20 tokens is big, but their current prices don’t have the indexed structure that BRC20s do. This makes it hard to figure out how much these new assets are worth. At the moment, most DRC20s, also called Doginals, are sold over-the-counter (OTC). This is similar to how Bitcoin-based Ordinal inscriptions were traded in the early days, before Ordinal exchange platforms.
Along with the rise in transactions, the hashrate of the Dogecoin network, which can be mined together with Litecoin, has gone up a lot in the past few weeks. To give you an example, on May 9, the Scrypt hashrate for the Dogecoin network was 638 terahashes per second (TH/s). But it has gone up by 38.71% to 885 TH/s, which is where it is now.