The transactional volume of dogecoin experienced a flying rise as compared to Litecoin and Bitcoin earlier this week. The introduction of the DRC-20 token allowed feasible transactions across the Dogecoin blockchain which resulted in a blast off of transactions across the network.
The daily transactional volume of Dogecoin experienced a tenfold rise from what was seen as the daily average earlier this week. Dogecoin’s transaction volume is set to reach a lifetime peak following the establishment of a tool that enables the issuance of tokens on the Dogecoin blockchain. Data across the web showed that the network saw more than 645,000 transactions earlier this week before falling back to the normal daily average on Wednesday.
Data that has been previously recorded exhibits that Dogecoin usually experienced 20,000 transactions daily. However, the introduction of the DRC-20 token standard on May 9 led to a drastic increase in the activity that is seen across the network.
The standards that have been introduced, enable the developers to charge network fees in the form of Dogecoin(DOGE). This works as a benefit statement and helps Dogecoin in paving the way for potential decentralized finance (DeFi) services provided on their blockchain.
Despite the skyrocketing transactional volumes observed on the network, not everyone is content with the newly issued DRC-20 token. Critics are zeroing in on the fact that the DRC -20 token will lead to overcrowding in the network which may result in deviating from Dogecoin’s aim of being used as a daily currency. Making transactions more feasible will firmly result in more and more usage of the network ultimately making it a very narrow passage for a vast amount of users. Dogecoin’s market value remained constant irrespective of the fact that it experienced a shoot-up in the transactional volumes, much like other meme coins.