On Saturday, May 27, Dogecoin broke all previous records with more than 2 million transactions in 24 hours.
In comparison, Bitcoin and Etherium have 400,000 and 532,000 transactions, respectively. Dogecoin network hashrate also increased by more than 38%.
As of May 9, Dogecoin’s hash rate was 638 TH/s, and just three weeks later it had grown to 885 TH/s, indicating the growing influence and stability of the network.
The new record was set 10 days after the previous one – according to BitInfoCharts, there were more than 1 million Dogecoin blockchain transactions on May 17;
The cryptocurrency normally has about 20,000 transactions per day, but the introduction of the DRC-20 token standard on May 9 led to an immediate increase in network activity.
DRC-20 is modeled after the ERC-20 for Etherium and allows the creation of tokens “on top of” the blockchain;
Despite the dramatic increase in the number of transactions, not everyone likes the deployment of DRC-20.
Critics point out that this can lead to network congestion and deflects from the purpose of Dogecoin.
Recall that DOGE is Elon Musk’s favorite cryptocurrency.
He has contributed to the growth of Dogecoin more than once with his statements, and even temporarily put an image of DOGE on the Twitter logo.