DRC-20 tokens drive parabolic move in daily Dogecoin transactions News ▸ Dogecoin ▸ Technology
DRC-20 tokens drive parabolic move in daily Dogecoin transactions
Inspired by Bitcoin's BRC-20 standard, DRC-20 is hoping to sustain the meme coin momentum.
2 min read
Updated: Aug. 4, 2023 at 3:22 pm UTC
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The number of Dogecoin transactions spiked higher thanks to the recent introduction of the DRC-20 token standard.
Dogecoin transactions spike
Using data compiled from bitinfocharts.com, Mishaboar noted that daily Dogecoin transactions had gone parabolic recently — peaking at around 630,000 on May 14.
While this peak fell marginally short of Bitcoin, it was still enough to surpass Litecoin — which had around 350,000 daily transactions then.
It was noted that Bitcoin and Litecoin daily transactions have since trended upwards, as Dogecoin’s daily transactions take a dip.
Behind this move is the introduction of the DRC-20 fungible token standard, with Mishaboar saying users are piling into the Dogecoin network in a minting frenzy.
“Many have been rushing to mint these “tokens” over the past two days.“
A factor behind the interest appears to be several Twitter accounts pushing the narrative that DRC-20 is the new BRC-20 — with tokens minted on the former having “100x potential.”
BRC-20 tokens hit a peak market valuation of $1 billion on May 8, driven by meme coin FOMO. Following the market downturn, the market cap valuation has since sunk to $540 million.
In conjunction with Pepe, the ERC-20 token that ignited meme season — suffering a 61% drawdown since its May 5 peak price — some wonder if the momentum for meme coins has ended for this cycle.
What are DRC-20 tokens?
DRC-20 tokens rolled out on May 9 and follow a similar technical setup to BRC-20 tokens.
Like the BRC-20 standard, digital artifacts are inscribable on each of the smallest indivisible units of DOGE — known as elons — of which there are 100,000,000 in a Dogecoin.
Inscriptions can contain “arbitrary content,” which creates Dogecoin-native digital artifacts – fulfilling qualities that include fungible and non-fungible tokens (NFTs) without a sidechain or separate token.
In a play on Bitcoin Ordinals, this standard was nicknamed Doginals by Cheems — a Solana-based meme project that deployed on the new DRC-20 standard.
Being early days, a compilation of DRC-20 tokens does not exist yet. However, in sharing minting instructions, Enigma named several upcoming DRC-20 tokens in Cheems, Dogewow, Misu, Pepe, and Meme, among many others.
Mentioned in this article
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
Editor Editor 
Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Bitcoin
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Litecoin
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Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Solana
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
