Dogecoin’s daily transaction volume rose tenfold from the average daily earlier this week to set a lifetime peak following the launch of a new mechanism that now allows the issuance of tokens on the Dogecoin blockchain.
The network saw over 645,000 transactions on Sunday, data from BitInfoCharts shows, briefly crossing both Bitcoin and Litecoin transactions that day before falling back to previous levels as of Wednesday.
Historical data shows Dogecoin typically sees around 20,000 daily transactions However, the introduction of the DRC-20 token standard on May 9 has led to an immediate increase in network activity.
These standards allow developers to issue tokens that take network fees in the form of dogecoin (DOGE). This adds to the value proposition for dogecoin and lays the path for potential decentralized finance (DeFi) services built on the blockchain.