Following the implementation of a new mechanism, Dogecoin's daily trading volume has increased tenfold compared to the average daily trading volume earlier this week. This mechanism now allows tokens to be issued on the Dogecoin blockchain.
Data from BitInfoCharts shows that the network's transaction volume exceeded 645,000 on Sunday, briefly crossing the transaction volumes of Bitcoin and Litecoin for the day, before falling back to previous levels on Wednesday.
Historical data indicates that Dogecoin typically has around 20,000 transactions per day. However, the introduction of the DRC-20 token standard on May 9 led to an immediate increase in network activity.
These standards allow developers to issue tokens with network fees charged in the form of Dogecoin (DOGE). This enhances the value proposition of Dogecoin and paves the way for potential decentralized finance (DeFi) services based on blockchain.
