{"id":30146,"date":"2023-05-21T23:07:33","date_gmt":"2023-05-22T06:07:33","guid":{"rendered":"https:\/\/coinnetworknews.com\/ordinals-sends-ltc-and-doge-network-activity-surging-for-3-straight-weeks\/"},"modified":"2023-05-21T23:07:33","modified_gmt":"2023-05-22T06:07:33","slug":"ordinals-sends-ltc-and-doge-network-activity-surging-for-3-straight-weeks","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/ordinals-sends-ltc-and-doge-network-activity-surging-for-3-straight-weeks\/","title":{"rendered":"Ordinals sends LTC and DOGE network activity surging for 3 straight weeks"},"content":{"rendered":"
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What began with developer Casey Rodarmor creating the Ordinals protocol<\/a> to \u201cinscribe\u201d text and imagery on the Bitcoin (BTC<\/a>) network has now made its way to Litecoin (LTC<\/a>) and Dogecoin (DOGE<\/a>) sending transaction volume on the two chains surging for the better part of a month.\u00a0<\/p>\n

Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts.<\/em><\/figcaption><\/figure>\n

On May 18, Dogecoin reached a new transaction volume record, with 1.2 million transactions in a single 24-hour period, according to data<\/a> from BitInfoCharts. Similarly, on May 10, Litecoin reached its highest ever daily transaction volume with 584,000 transactions. <\/p>\n

Ordinals first arrived on Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC \u2014 worth approximately $500 at the time \u2014 to anyone who could \u201cport\u201d the Ordinals protocol to the Litecoin network.<\/p>\n

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5 $LTC<\/a> to whoever ports this to #Litecoin<\/a> #Bitcoin<\/a> #Ordinals<\/a> https:\/\/t.co\/7X4JfMzq97<\/a><\/p>\n

\u2014 Indigo Nakamoto (@indigo_nakamoto) February 11, 2023<\/a><\/p><\/blockquote>\n

Some eight days later on Feb. 19 software engineer Anthony Guerrera succeeded and launched the Litecoin Ordinals protocol. In a similar way, DOGE enthusiasts copied the Ordinals protocol to create the same functionality on Dogecoin, choosing to name the new protocol \u201cDoginals<\/a>\u201d. <\/p>\n

However, what really drove network activity on Litecoin and Dogecoin to new heights was the later introduction of the respective LRC-20 and DRC-20 token standards in early May, that allowed users to create and issue entirely new memecoins on the two networks. <\/p>\n

The monumental influx of activity on LTC and DOGE came around the same time that the Ordinals inscription the Bitcoin network went into overdrive<\/a>, with a record 400,000 daily inscriptions on May 10. <\/p>\n

Ordinals inscriptions on Bitcoin since December 2022. Source: <\/em>Dune Analytics<\/em><\/a><\/figcaption><\/figure>\n

The uptick in Bitcoin Ordinals inscriptions can be directly attributed to the introduction of the BRC-20 token standard<\/a> which \u2014 according to data<\/a> from Ordinals scanner brc-20.io \u2014 has seen more than 24,000 new tokens minted on the Bitcoin blockchain. <\/p>\n

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum \u2014 Can we fix it?<\/em><\/strong><\/a><\/p>\n