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The Bitcoin inscription craze extends to Dogecoin. The number of transactions that the Dogecoin blockchain had to process over the past few days has risen to an all-time high, mainly due to the new DRC20 token standard.
DRC20 tokens on Dogecoin are an experimental token standard that works similarly to the minting and transfer of fungible tokens via the Ordinals protocol on the Bitcoin blockchain. This is technically possible because Dogecoin was created by inventor Billy Marcus, who created a fork of Lucky Coin, which is itself a fork of Bitcoin.
Dogecoin transactions exceeded the historical maximum by 3 times
Over the past 7 days, the number of transactions registered on the Dogecoin blockchain has skyrocketed. Before the DRC20 token standard was created, the Dogecoin network recorded no more than 23,754 transactions per day during May, according to BitInfoCharts. Last Saturday, May 13, 628,209 transactions were made on Dogecoin.
By comparison, the highest number ever recorded before this new all-time high was December 20, 2013, when the network processed just 201,440 transactions. By comparison, the total number of transactions made on Saturday (628,209) is more than three times the all-time high of 2013.
The frenzy began on Tuesday, May 9, when the number of transactions doubled to over 40,000 and remained at that level for the next three days. The Cambrian explosion occurred on May 11 (Thursday), when the number of transactions exceeded 450,000 for the first time. associated with the registration process used to create Dogins and DRC20 tokens.
#dogecoin transactions are skyrocketing. New ATH is 3x the previous (Dec. 2013)
🚀 Why? The new DRC20 Tokens and “Doginals” pic.twitter.com/20DXWjYGTh
— Jake Simmons (@realJakeSimmons) May 15, 2023
DRC20 and doginals spark controversy
In response to the emergence of DRC20 tokens, many members of the community enthusiastically began to explore and mint these tokens. However, Dogecoin’s main maintainer, Patrick Lodder, is not very enthusiastic about the new trend. “Json doginals minting scammers,” Lodder tweeted, adding in regards to bad programming:
“let’s push json” “let’s keep spaces” “oh and let’s keep newlines” lmao idiots.
When asked if there could be congestion during transactions, as in the case of Bitcoin, Lodder replied:
Yes, but currently that means waiting ~5-10 blocks. This is because they also overpay fees (recommended minimum fee is 10.3 times), so you will get priority over them at 11 times the minimum fee (0.11 DOGE/KB). Oh, so the higher cost including.hmm.
But Lodder dismissed the need for a fork, stating that DRC20 tokens simply increase the fees “slightly”. In addition, the main maintainer of Dogecoin also took issue with the need for a “spam filter” (as discussed for Bitcoin) and shared the advice: “Just raise your fees a little now, and if you don’t like it, you can just raise the dust limit so that you did not relay these transactions – saving bandwidth.”
At press time, the price of DOGE was $0.07271.
DOGE price, 1-day chart | Source: DOGEUSD on TradingView.com.