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Dogecoin Records ATH In Transactions Due DRC20 Madness
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Sees Highest Transactions Count Ever Due DRC20 Madness

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Dogecoin

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The Bitcoin Inscriptions craze is spreading to Dogecoin. The number of transactions that the Dogecoin blockchain has had to process in the last few days have 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. Technically, this is possible because Dogecoin was created by inventor Billy Markus forking Lucky Coin, which is itself a fork of Bitcoin.

Dogecoin Transactions Surpass All-Time High By 3x

In the last 7 days, the number of transactions recorded on the Dogecoin blockchain have skyrocketed. Before the DRC20 token standard was created, the Dogecoin network recorded no more than 23,754 transactions per day throughout May, according to data from BitInfoCharts. Last Saturday, May 13, Dogecoin saw a staggering 628,209 transactions.

To put that in perspective: The highest number ever recorded before this new alltime-high was on December 20, 2013, when the network processed just 201,440 transactions. In comparison, the total number of transactions that took place on Saturday (628,209) is more than three times the historic high from 2013.

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The madness first started rolling on Tuesday, May 9, when the transaction count doubled to over 40,000 and remained at that level over the next three days. On 11 May (Thursday) the Cambrian explosion occurred when the number of transactions rose above 450,000 for the first time. The sudden surge in transactions is mainly due to the registration process used to create the “Doginals” 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 exploring and minting these tokens. However, Dogecoin core maintainer Patrick Lodder has little enthusiasm for the new trend. “Json doginals minting scams,” remarked Lodder via Twitter, adding with regard to the poor programming:

“let’s push json”
“let’s keep spaces”
“oh and let’s keep newlines”

lmao morons.

When asked if there could be congestion in transaction times, similar to Bitcoin, Lodder stated:

Yes, but it currently translates to a ~5-10 block wait. This is because they overpay fees too (10.3x recommended min fee) so you’ll get to get priority over these at 11x min fee (0.11 DOGE/kB). Ah, so higher cost per as well. hmm.

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Dogecoin Expected To Experience A Further 6% Decrease Prior to Initiating Recovery

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But Lodder rejected the necessity of a fork, saying that DRC20 tokens simply increase fees “a little bit”. In addition, the Dogecoin core maintainer also disagreed with the need for a “spam filter” (as has been discussed for Bitcoin) and shared a tip: “Just raise your fees a little now, and if you don’t like this, you can simply raise your dust limit so that you don’t relay these transactions – saves bandwidth.”

At press time, the DOGE price stood at $0.07271.

Dogecoin price
DOGE price, 1-day chart | Source: DOGEUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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