Dogecoin transactions rise
Using data compiled from bitinfocharts.com, Mishaboar noted that daily Dogecoin transactions had gone parabolic recently — peaking at around 630,000 on May 14.
While this peak fell marginally short of Bitcoin, it was still enough to surpass Litecoin — which had around 350,000 daily transactions then.
![DRC-20 Tokens Fuel Parabolic Surge in Daily Dogecoin Transactions image 104](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/05/image-104.png?resize=627%2C661&ssl=1)
![DRC-20 Tokens Fuel Parabolic Surge in Daily Dogecoin Transactions image 104](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/05/image-104.png?resize=627%2C661&ssl=1)
Twitter accounts promoting DRC-20 tokens as the new BRC-20 have generated interest, with claims of “100x potential” for tokens minted on the former blockchain.
The market value of BRC-20 tokens reached $1 billion on May 8 due to FOMO surrounding meme coins. However, the market downturn caused the valuation to drop to $540 million.
Pepe, the ERC-20 token that sparked meme coin enthusiasm, has experienced a 61% decline since its peak on May 5th. This has led some to question if the momentum for meme coins has faded in this cycle.
What are DRC-20 tokens?
DRC-20 tokens were introduced on May 9th and have a similar technical structure to BRC-20 tokens.
These tokens can be inscribed on the smallest units of DOGE called elons, with 100,000,000 elons in a Dogecoin.
The inscriptions on DRC-20 tokens can include arbitrary content, allowing for the creation of Dogecoin-native digital artifacts that exhibit qualities of both fungible and non-fungible tokens (NFTs) without the need for a separate token or sidechain.
While there is no comprehensive list of DRC-20 tokens available yet, Enigma has provided minting instructions and mentioned upcoming tokens like Cheems, Dogewow, Misu, Pepe, and Meme, among others.
Cheems, a meme project built on Solana, playfully referred to this standard as Doginals, in reference to Bitcoin Ordinals.