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The global crypto market cap is $1.15 trillion with a 24-hour volume of $30.4 billion. The price of Bitcoin is $27,628.24 and BTC market dominance is 46.6%. The price of Ethereum is $1,843.33 and ETH market dominance is 19.7%. The best performing cryptoasset sector is Cannabis, which gained 13%.
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Inspired by Bitcoin’s BRC-20 standard, DRC-20 is hoping to sustain the meme coin momentum.
Cover art/illustration via CryptoSlate
The number of Dogecoin transactions spiked higher thanks to the recent introduction of the DRC-20 token standard.
Using data compiled from bitinfocharts.com, Mishaboar noted that daily Dogecoin transactions had gone parabolic recently — peaking at around 630,000 on May 14.
While this peak fell marginally short of Bitcoin, it was still enough to surpass Litecoin — which had around 350,000 daily transactions then.
It was noted that Bitcoin and Litecoin daily transactions have since trended upwards, as Dogecoin’s daily transactions take a dip.
Behind this move is the introduction of the DRC-20 fungible token standard, with Mishaboar saying users are piling into the Dogecoin network in a minting frenzy.
“Many have been rushing to mint these “tokens” over the past two days.“
A factor behind the interest appears to be several Twitter accounts pushing the narrative that DRC-20 is the new BRC-20 — with tokens minted on the former having “100x potential.”
BRC-20 tokens hit a peak market valuation of $1 billion on May 8, driven by meme coin FOMO. Following the market downturn, the market cap valuation has since sunk to $540 million.
In conjunction with Pepe, the ERC-20 token that ignited meme season — suffering a 61% drawdown since its May 5 peak price — some wonder if the momentum for meme coins has ended for this cycle.
DRC-20 tokens rolled out on May 9 and follow a similar technical setup to BRC-20 tokens.
Like the BRC-20 standard, digital artifacts are inscribable on each of the smallest indivisible units of DOGE — known as elons — of which there are 100,000,000 in a Dogecoin.
Inscriptions can contain “arbitrary content,” which creates Dogecoin-native digital artifacts – fulfilling qualities that include fungible and non-fungible tokens (NFTs) without a sidechain or separate token.
In a play on Bitcoin Ordinals, this standard was nicknamed Doginals by Cheems — a Solana-based meme project that deployed on the new DRC-20 standard.
Being early days, a compilation of DRC-20 tokens does not exist yet. However, in sharing minting instructions, Enigma named several upcoming DRC-20 tokens in Cheems, Dogewow, Misu, Pepe, and Meme, among many others.
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.
CryptoSlate’s latest market report dives deep into the effect rising fees had on public Bitcoin miners and analyzes their performance in the wake of rising revenues.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
The launch of World App comes as reports claim $100 million in funding for Sam Altman’s crypto project Worldcoin to solve AI problems.
Inspired by Bitcoin’s BRC-20 standard, DRC-20 is hoping to sustain the meme coin momentum.
Concerns surrounding Litecoin’s demise grow as price remains stagnant with upcoming halving fast approaching.
Worldcoin, founded by Sam Altman, is set to launch its WLD token this year.
Former SEC official John Reed Stark said Tether has no legal framework guiding its operations in the United States.
Binance CEO Changpeng ‘CZ’ Zhao explained that the exchange moved those tokens to its innovation zone instead of delisting them.
The anonymous vigilante reportedly found 986 unique Bitcoin addresses between March 2022 and April 2022 that they claimed were used by Russian security agencies.
Dennis Porter said ‘We are winning’ in response to the state of North Carolina passing bill blocking CBDC payments.
Blockchain analytical firm Arkham Intelligence reported that over 50 addresses hold more than $1 million worth of PEPE.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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