Ordinals sends LTC and DOGE network activity surging for 3 straight weeks
Some 8 days later on, on Feb. 19, software application engineer Anthony Guerrera succeeded and launched the Litecoin Ordinals procedure. In a similar way, DOGE lovers copied the Ordinals protocol to create the exact same functionality on Dogecoin, selecting to name the new procedure “Doginals”. What truly drove network activity on Litecoin and Dogecoin to new heights was the later intro of the particular LRC-20 and DRC-20 token requirements in early May, which enabled users to create and release entirely brand-new memecoins on the two networks. The huge increase of activity on LTC and DOGE happened the exact same time that the Ordinals engraving on the Bitcoin network entered into overdrive, with a record 400,000 daily inscriptions on May 10. Ordinals inscriptions on Bitcoin because December 2022. Source: Dune AnalyticsThe uptick in Bitcoin Ordinals inscriptions can be straight attributed to the introduction of the BRC-20 token standard, which– according to information from Ordinals scanner brc-20. io– has seen more than 24,000 brand-new tokens minted on the Bitcoin blockchain. Publication: Ordinals turned Bitcoin into a worse version of Ethereum– Can we fix it?
On May 10, Litecoin reached its greatest ever everyday transaction volume with 584,000 deals. Ordinals initially showed up on Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC– worth around $500 at the time– to anybody who might “port” the Ordinals protocol to the Litecoin network.5 $LTC to whoever ports this to #Litecoin #Bitcoin #Ordinals https://t.co/7X4JfMzq97â Indigo Nakamoto (@indigo_nakamoto) February 11, 2023