Dogecoin, Litecoin Transactions ‘Spike’ After Ordinals Intervene

Lavina Daryanani
Source: PR Newswire

Ordinals on Bitcoin debuted in January 2023 and have been a hot topic of discussion since then. Ordinal Inscriptions are quite similar to NFTs but come with a slight twist. Simply put, they are digital assets inscribed on a Satoshi, the lowest denomination of Bitcoin. The network’s SegWit and Taproot upgrades that took place to improve the privacy and efficiency of the network also opened the doors for Satoshi inscriptions.

In February, a developer forked the Ordinals project to PoW blockchain Litecoin. At that time, a pseudonymous Twitter user with the username indigo_nakamoto offered around 5 LTC [approximately $500] to anyone who could port Ordinals to Litecoin. The reward was later increased to 15 LTC and 22 LTC. Motivated by the bounty, Australian software engineer Anthony Guerrera posted a repository on GitHub that forked the Bitcoin Ordinals protocol to Litecoin.

Likewise, people from the DOGE community copied the Ordinals protocol to create the same functionality on Dogecoin. They christened the new protocol “Doginals”.

In early May, the LRC-20 and DRC-20 token standards were introduced. That opened the doors for users to create and issue new meme coins on the Dogecoin and Litecoin networks. As chalked out in a recent article, they have been responsible for the overwhelming transactions on the network.

As shown below, the transactions have spiked and are hovering around record highs of late. According to the data from BitInfoCharts, Dogecoin recently registered 1.2 million transactions in a single day. Likewise, Litecoin attained its highest transaction volume [584k] in the second week of May.

Source: BitInfoCharts

Also Read: DRC-20 Tokens & Dogecoin: New Trend Overwhelming the Network

Here, it is also interesting to note that activity on Dogecoin and Litecoin claimed record highs around the same time Ordinals inscription on the Bitcoin network spiked. Specifically, during the second week of May, the number of daily inscriptions started surging and hovered around the 400k threshold.

Source: Dune Analytics

Also Read: Bitcoin Ordinals NFT Inscriptions Surpass 153K: Developer Ports It to Litecoin

Leaving aside the bolstering network activity, it is worth noting that Dogecoin and Litecoin continue to be the top coins on the community’s radar in terms of engagement. In fact, both cryptos have been a part of the top-10 list on LunarCrush.

Price-wise, Dogecoin has been horizontally consolidating on the daily timeframe since the second week of May. Litecoin, on the other hand, has risen by ~21% in the same period.

DOGE/USDT, LTC/USDT by TradingView

Also Read: 2010’s $41 Bitcoin Pizzas Are Worth $267 Million Today