Dogecoin Leads Transaction Volume, Surpassing BTC, ETH

Since the inception of DRC20 tokens, the Dogecoin blockchain has experienced a substantial increase in transaction volume.

Compared to other prominent networks, Dogecoin has distinguished itself with its high transaction volume.

Recent statistics reveal that on May 27, 2023, DOGE transactions soared to an all-time high of more than 2 million, breaking all previous records.

In the race for daily transaction settlements, the leading meme coin network, Dogecoin, has surpassed network titans such as Bitcoin and Ethereum.

Dogecoin has surpassed both Bitcoin and Ethereum in terms of daily confirmed transactions. During the past week, Bitcoin has averaged between 400,000 and 532,000 transactions per day, while Ethereum has processed approximately one million per day.

Since May 22, the Dogecoin network has consistently confirmed over a million daily transactions, with 1.42 million secured on May 23.

The Dogecoin network reached an all-time high on May 27, processing 2,079,070 transactions, marking a significant milestone.

Today, May 28, 2023, the network shows no signs of slowing, with the number of transactions already exceeding one million and continuing to rise.

DRC20 tokens, similar to the BRC20 tokens created on the Bitcoin blockchain, are responsible for the increase in DOGE transactions.

The universe of DRC20 tokens is vast, but their current values lack the indexing structure of BRC20 tokens, making it difficult to determine the value of these new assets.

Currently, DRC20s, also known as Doginals, are predominantly traded via over-the-counter (OTC) trades, resembling the early days when Bitcoin-based Ordinal inscriptions were sold before the introduction of Ordinal exchange platforms.

In tandem with the increase in transactions, the hash rate of the Dogecoin network, which can be merged and mined with Litecoin, has increased significantly over the past few weeks.

On May 9, the Scrypt hashrate allocated to the Dogecoin network was 638 terahashes per second (TH/s). However, it has increased by 38.71% to 885 TH/s at present.