Dogecoin's Transaction Surge Surpasses Bitcoin and Ethereum With 2 Million Transactions Settled in 24 Hours
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Modified on: Mon, 29 May, 2023 at 2:22 AM
The Dogecoin blockchain has seen a huge flood of exchange action since the beginning of DRC20 tokens. Dogecoin has stood out from other well-known networks due to its substantial volume of processed transactions. The number of DOGE transactions reached a record-breaking high of more than 2 million on May 27, 2023, according to recent statistics, marking an unprecedented milestone.
The hash rate increases by more than 38%, and transfer activity skyrockets for Dogecoin.
In the race for daily transaction settlements, Dogecoin, the leading meme coin network, has been trailing network giants like Bitcoin and Ethereum. While Bitcoin has found the middle value of around 400,000 to 532,000 affirmed exchanges each day over the course of the last week, and Ethereum has been handling roughly 1,000,000 exchanges every day, Dogecoin has outperformed them both.
The Dogecoin network confirmed 1.42 million transactions on May 23, a daily average of over a million since May 22. Saturday, May 27, saw an achievement for the Dogecoin network as it took off to an unsurpassed high, handling 2,079,070 exchanges.
Dogecoin's Exchange Flood Outperforms Bitcoin and Ethereum With 2 Million Exchanges Got comfortable 24 Hours
The number of transactions on the network has already surpassed one million and will continue to rise on May 28, 2023, and there are no signs of slowing down. The introduction of DRC20 tokens, which are analogous to BRC20 tokens minted on the Bitcoin blockchain, is responsible for the increase in DOGE transactions.
DRC20 tokens cover a wide range of assets, but their current values lack the indexed structure of BRC20s, making it challenging to estimate their value. Over-the-counter (OTC) trades are the primary method of exchange for DRC20s, which are also referred to as "doginals". This is analogous to the early trading of Ordinal inscriptions based on Bitcoin prior to the development of Ordinal exchange platforms.
The Dogecoin network, which can be combined mined with Litecoin, has seen a significant increase in hash rate over the past few weeks in addition to the increase in transactions. As an illustration, on May 9, the Dogecoin network's Script hash rate was 638 tera hashes per second (TH/s). Notwithstanding, it has heightened by 38.71% to its ongoing level of 885 TH/s.
(Bitcoin news, Jamie Redman, 2023)
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