Dogecoin’s daily transaction volumes grew tenfold compared to the average volume earlier in the week. This is a record high for the cryptocurrency.

Data from BitInfoCharts indicates that the network experienced over 645,000 transactions in one day, crossing Bitcoin and Litecoin transactions briefly before falling to previous levels on Wednesday.

Dogecoin transactions briefly overtook Bitcoin earlier this week. (BitInfoCharts)

Dogecoin has seen around 20,000 transactions per day in the past. However, since the DRC-20 standard was introduced on May 9, the network activity has increased immediately.

These standards enable developers to create tokens that accept network fees as dogecoins (DOGE). This increases the value proposition of dogecoin, and opens the door to potential DeFi services on the blockchain.

DRC-20 attracts criticism

Not everyone is happy with the DRC-20 deployment, despite the increase in transactions. DRC-20 is criticized for causing network congestion, and moving away from the goal of dogecoin to be used as a currency.

tweeted a member of the Dogecoin Community: “The DRC-20 Dogecoin Community should stop this shameless buzz.” suggested that everyone should focus on the use of transactional currency.

Blockchains should be concerned about high fees and congestion in the network, as these factors can make the network slow and expensive for users, thereby dampening their adoption plans.

The ‘Bitcoin Request for Comments’ (BRC-20), a standard created by Bitcoin, went live last March. This opened the floodgates for fees that were two years higher than they had been. at the same time as a Bitcoin meme coin trading frenzy became popular on the network.

Parikshit Miishra is the editor.