- The heat that came with BRC20 is slowly spreading to other Proof-of-Work (PoW) blockchains like Litecoin and Dogecoin.
- BRC20 tokens are fungible tokens built with ordinals on the Bitcoin blockchain.
The realm of cryptocurrency constantly welcomes innovative ideas that redefine the potential of blockchain technology. In recent times, we are witnessing a remarkable resurgence in the prominence of Proof-of-Work (PoW) blockchain networks, particularly Bitcoin (BTC) and Dogecoin (DOGE).
This resurgence can be attributed to the introduction of new PoW tokens on these networks, namely DRC20 and BRC20. To clarify, BRC20 tokens are interchangeable tokens built on the Bitcoin blockchain using ordinals. Similarly, the DRC20 token on the Dogecoin network represents an alternative token standard to Bitcoin’s BRC20, specifically tailored for the Dogecoin network.
Will Dogecoin soon Outpace Bitcoin and Litecoin?
Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 "standard") and other stuff on top of the Dogecoin network.— Mishaboar (@mishaboar) May 15, 2023
Many have been rushing to mint these "tokens" over the past two days. pic.twitter.com/Vt60MxX1no
As per the tweet above, the impact generated by BRC20 is gradually extending its influence to other Proof-of-Work (PoW) blockchains such as Litecoin (LTC) and Dogecoin. The tweet substantiates this claim by presenting a graph for reference.
The graph vividly illustrates the significant surge in transactions occurring on the Bitcoin, Litecoin, and Dogecoin blockchains. It serves as undeniable evidence that the recent frenzy surrounding the minting of these tokens has electrified the blockchain space.DOGE
Of particular interest is the striking effect of the introduction of DRC20 tokens on the Dogecoin network, which has resulted in a remarkable increase in daily transactions. In fact, the number of daily transactions on the Dogecoin chain skyrocketed to an unprecedented peak of 650,000, surpassing even the transaction volumes of Bitcoin and Litecoin at certain points.
Despite the heightened activity surrounding Dogecoin (DOGE) its price has exhibited little movement, mirroring the broader trend observed in the meme coin market. CoinMarketCap data reveals that DOGE maintains a daily price range of $0.072 to $0.073, accompanied by a substantial trading volume surpassing $180 million.
The rapid adoption witnessed thus far has ignited a sense of anticipation, with many foreseeing an even greater surge in popularity on the horizon. As momentum builds and these tokens capture the imagination of more users, the stage is set for a remarkable ascent in their widespread adoption.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.