Dogecoin [DOGE] remained relatively quiet during the ongoing meme coin frenzy, but it managed to outperform Bitcoin statistics and gain attention during the last weekend. Recent data from Bitinfocharts reveals that on May 13, Dogecoin experienced a significant surge in daily transactions, reaching a high of 628.20K. In contrast, Bitcoin recorded a relatively lower number of transactions on the same day, totaling only 575K.
The recent surge in Dogecoin’s activity has been linked to the rise of fungible tokens. Similar to ERC-20 and BRC-20 tokens, a new type called DRC-20 tokens has started to attract attention. This sudden increase in activity is attributed to a growing interest in minting DRC-20 tokens. This is a new form of digital asset, on the Dogecoin network.
Another factor that may have contributed to the increased interest in Dogecoin is the appointment of Linda Yaccarino, the new CEO of Twitter. While Elon Musk’s support for DOGE was evident, Yaccarino has been observed following several Dogecoin-related accounts, which could have further fueled interest in the cryptocurrency.
After the initial surge, it is important to note that Dogecoin’s position in terms of daily transactions did not last long. Currently, the total number of transactions in the DOGE ecosystem is around 497K. Bitcoin’s transactions have risen to approximately 631K, placing it back ahead of Dogecoin in terms of daily transaction volume.
Here’s what the Dogecoin community thinks about DRC-20 tokens
In response to the emergence of DRC-20 tokens, many members of the community enthusiastically started exploring and minting these tokens. They expressed a sense of urgency. The community stated that they wanted to jump on the DRC-20 bandwagon. This was because they had missed out on the opportunities presented by BRC-20 tokens in the past.
But a few others were suggesting that people were creating “shit coins” on the Dogecoin network in the name of DRC-20 tokens. Furthermore, at press time, Dogecoin was trading for $0.07309 with a 1.28% daily surge.