Dogecoin, Litecoin Transactions Surge Post Ordinals Intervention

Dogecoin

Dogecoin recorded an increase in transactions reaching about 1.2 million in a single day following Bitcoin Ordinals intervention. Similarly, Litecoin achieved its highest transaction volume of 584,000 in the second week of May.

Since their debut in January 2023, Bitcoin ordinals have become a popular topic of discussion. These ordinals, similar to NFTs but with a unique twist, are digital assets inscribed on Satoshis, the smallest unit of Bitcoin. The network’s SegWit and Taproot upgrades, aimed at enhancing privacy and efficiency, paved the way for Satoshi inscriptions.

A developer forked the Ordinals project to the proof-of-work blockchain Litecoin in February. A Twitter user named indigo_nakamoto offered a bounty of around 5 LTC (approximately $500) for anyone who could port Ordinals to Litecoin. The reward was later increased to 15 LTC and 22 LTC. Encouraged by the incentive, Australian software engineer Anthony Guerrera created a repository on GitHub that forked the Bitcoin Ordinals protocol to Litecoin.

Similarly, members of the DOGE community replicated the Ordinals protocol to introduce the same functionality to Dogecoin, naming it “Doginals.”

Read Also: The 5th Largest Holder of SHIB & DOGE May be the Same; Here’s Why

In early May, introducing LRC-20 and DRC-20 token standards opened doors for users to create and issue new meme coins on the Dogecoin and Litecoin networks. As outlined in a recent article, these developments have contributed to a significant increase in network transactions.

Intriguingly, both Dogecoin and Litecoin experienced a surge in activity that coincided with the spike in Ordinals inscription on the Bitcoin network. Notably, during the second week of May, the number of daily inscriptions began to skyrocket, consistently reaching approximately 400,000 transactions.

Dogecoin and Litecoin Maintain High Engagement Levels

Aside from the increased network activity, Dogecoin and Litecoin remain prominently featured in community engagement. These cryptocurrencies have consistently ranked among the top 10 on platforms like LunarCrush, reflecting their ongoing popularity and interest.

Regarding price performance, Dogecoin has been experiencing horizontal consolidation on the daily timeframe since the second week of May. Meanwhile, Litecoin has witnessed a notable rise of approximately 21% during the same period, showcasing its price growth and potential.

dogecoin

Read Also: Dogecoin Copycat Coin Surges by 50% Amidst Ongoing Meme Coin Frenzy

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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