Dogecoin hit a new all-time high of 719,000 daily transactions on Tuesday, thanks to their newly created standard–DRC-20–which allows for the creation of meme coins on the Dogecoin network.

This number of daily transactions even surpassed BTC, which registered 566,000 daily transactions yesterday.

Dogecoin users have copied the architecture enabled by Ordinals, and created their very own “Doginals.” These tokens, which are a lot like NFTs, are driving a surge in transactions on the blockchain, similar to what the spike in transactions on Bitcoin has been over the past couple weeks.

The newly created DRC-20 standard is similar to Bitcoin’s BRC-20, which allows arbitrary and non-financial data to be included in blocks. Users on Dogecoin have thrown themselves towards inscribing tokens into “shibes,” the smallest denomination of dogecoins, and tracking them throughout the network.

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Author: Pedro Solimano

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