Dogecoin (DOGE) made its mark during the recent meme coin frenzy by outperforming Bitcoin and capturing attention over the weekend. As per data from Bitinfocharts, on May 13, Dogecoin experienced a substantial surge in daily transactions, reaching an impressive high of 628.20K.
In contrast, Bitcoin recorded a comparatively lower number of transactions on the same day, totaling just 575K. This significant increase in Dogecoin’s transactional activity showcases its growing popularity and ability to stand out amidst the meme coin craze.
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The recent surge in Dogecoin’s activity has been linked to the emergence of fungible tokens, particularly DRC-20 tokens, which have garnered attention alongside popular token standards like ERC-20 and BRC-20. The growing interest in minting DRC-20 tokens on the Dogecoin network has contributed to the increased transactional activity.
Another factor that may have sparked interest in Dogecoin is the appointment of Linda Yaccarino as the new CEO of Twitter. Yaccarino has been observed following several Dogecoin-related accounts, potentially adding to the cryptocurrency’s appeal.
However, it’s important to note that Dogecoin’s position in terms of daily transactions was short-lived. Currently, the total number of transactions in the DOGE ecosystem has dropped to around 497K, while Bitcoin’s transactions have increased to approximately 631K, once again surpassing Dogecoin in terms of daily transaction volume.
Dogecoin’s Community’s Opinion On DRC-20 Tokens
The Dogecoin community has shown great enthusiasm in response to the emergence of DRC-20 tokens, with many members actively exploring and minting these tokens. There is a sense of urgency among the community as they express a desire to jump on the DRC-20 bandwagon. This eagerness stems from the missed opportunities they experienced with BRC-20 tokens in the past.
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However, there were also some voices within the community cautioning against the creation of “shit coins” on the Dogecoin network under the guise of DRC-20 tokens. These individuals expressed concerns about the potential negative impact on the reputation and value of Dogecoin. At the time of writing, Dogecoin was trading at $0.07309, showing a daily increase of 1.28%.