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The number of daily transactions on the Dogecoin (DOGE) network has reached a historic high, increasing tenfold compared to the daily average at the beginning of the week, following the launch of a new mechanism that enables token issuance on the Dogecoin Blockchain.
Number of Transactions on the Dogecoin Network Increased Exponentially
According to data provided by BitInfoCharts, over 645,000 transactions were executed on the Dogecoin network on May 14. The number of transactions on the network briefly surpassed the number of transactions on both the Bitcoin and Litecoin networks that day before falling back to previous levels as of today.
Historical data shows that the Dogecoin network typically sees around 20,000 transactions per day, but the introduction of the DRC-20 token standard on May 9 saw a spike in network activity.
The DRC-20 token standard allows developers to issue tokens that receive network fees in the form of DOGE. This adds to the value proposition for Dogecoin, paving the way for potential decentralized finance (DeFi) services built on Dogecoin.
Still DRC-20 is in the Crosshairs of Criticism
Despite the increase in the number of transactions, not everyone is happy with the DRC-20 token distribution. Those targeting the token distribution point out that DRC-20 could cause network congestion and distract from the intended use of Dogecoin, the largest dog-themed altcoin, as a currency that can be used for daily payments.
“The DRC-20 Dogecoin community should drop this shameless hype,” one member of the Dogecoin community wrote on Twitter. “Everyone should probably focus on the transactional currency use case,” said another.
High transaction fees and network congestion are an acceptable concern for any Blockchain, as they can disrupt adoption plans by making the network expensive and slow for everyday users.
