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Dogecoin reaches a new all-time high in daily trading volume, surpassing Bitcoin, as it adopts the token standard "DRC-20".

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Dogecoin reaches a new all-time high in daily trading volume, surpassing Bitcoin, as it adopts the token standard "DRC-20".

Dogecoin has skipped the NFT protocol "Ordinals" craze and directly introduced the homogenized token standard "DRC-20," which has led to a surge in its daily trading volume and set new records. However, this has not significantly impacted the coin's price increase. Meanwhile, Litecoin's LRC-20 seems to be receiving less attention, similar to the upcoming halving of LTC block rewards.

Litecoin Follows Bitcoin, Introducing Ordinals and LRC-20

Earlier reports indicated that the Litecoin community and developers followed the trend of Bitcoin in February this year and introduced the "Ordinals" into the Litecoin ecosystem amidst the NFT protocol craze.

However, this did not attract much attention at the time, and the NFT craze in Bitcoin gradually declined.

Nevertheless, developers created the BRC-20 token standard based on Ordinals' logic, enabling the minting of fungible tokens on Bitcoin, causing a resurgence in the Bitcoin ecosystem by the end of April.

Subsequently, developers also introduced Litecoin's version of LRC-20 into the ecosystem. Tools related to LRC-20 include:

Bitcoin's BRC-20 Temporarily Clogs Network, What About Litecoin?

As reported recently, Litecoin is about to experience its once-every-four-years major event of "block reward halving." However, with only 70 days left until halving, the coin's price has not shown significant improvement, leading the community to discuss whether Litecoin still holds value.

Discussion on Litecoin's Future: Is the Dinosaur Coin Endangered? Twitter Celebrity Alex: Litecoin to Halve, Price Stagnation Signals Warning

The on-chain fees of Litecoin also reflect the reality of LRC-20. It is nearly impossible to discern any changes in transaction fees post-2021 bear market, with fees even lower than in April.

Meanwhile, the standardized fungible token "DRC-20" implemented on Dogecoin is much hotter than Litecoin.

DRC-20

Following the launch of Dogecoin's standardized fungible token "DRC-20," Dogecoin has seen significant increases in trading volume and transaction numbers. Many community members on Twitter refer to BitInfoCharts data charts, indicating that Dogecoin's daily transactions have briefly surpassed those of Bitcoin and Litecoin.

This is roughly 30 times the average daily transactions of Dogecoin in April, setting a new historical high, with on-chain transaction volume about twice the usual.

Comparison of Daily Transactions

Tools related to DRC-20 include:

ÐPAL WALLET is a browser extension that is more intuitive to use compared to BRC-20 and LRC-20, allowing direct minting after receiving coins.

However, the flourishing on-chain activity has not led to significant price increases for Dogecoin, with a mere 1.8% increase in the last 24 hours as of the deadline, and a 7.89% decrease since May.