Step aside, Bitcoin, because Ordinals on Litecoin and Dogecoin have ignited a wave of transaction frenzy.
Casey Rodarmor, a developer, initiated the Ordinals protocol as a means to "embed" text and images onto the Bitcoin network. Recently, this concept has expanded to include Litecoin and Dogecoin, resulting in a significant increase in transaction volume on these respective chains for nearly a month.
According to data from BitInfoCharts, Dogecoin achieved a remarkable milestone on May 18 by setting a new record for its transaction volume. Within a single 24-hour period, Dogecoin witnessed an astounding 1.2 million transactions. Similarly, Litecoin, another popular cryptocurrency, accomplished its own significant achievement on May 10. On that day, Litecoin recorded its highest-ever daily transaction volume, reaching an impressive 584,000 transactions.
The Ordinals protocol made its debut on Litecoin when an anonymous Twitter user known as Indigo Nakamoto proposed a unique challenge. Indigo Nakamoto offered a reward of 5 LTC, which was valued at around $500 back then, to anyone capable of "porting" the Ordinals protocol onto the Litecoin network.
About a week later, specifically on February 19th, Anthony Guerrera, a software engineer, achieved success by introducing the Litecoin Ordinals protocol. This breakthrough prompted Dogecoin enthusiasts to follow suit and replicate the Ordinals protocol for their own cryptocurrency, resulting in the creation of a similar functionality called "Doginals."
The subsequent surge in network activity for Litecoin and Dogecoin can largely be attributed to the recent introduction of the LRC-20 and DRC-20 token standards in early May. These standards provided users with the capability to generate and release completely new memecoins on both networks, thereby driving increased engagement and participation.
During a period of significant activity, both Litecoin (LTC) and Dogecoin (DOGE) experienced a remarkable surge. This coincided with a notable increase in the Ordinals inscription on the Bitcoin network, reaching an all-time high of 400,000 daily inscriptions on May 10th.
The surge in Bitcoin blockchain registrations has been closely linked to the implementation of the BRC-20 token standard. Recent statistics from Ordinals scanner brc-20.io reveal a noteworthy increase, with over 24,000 newly generated tokens on the Bitcoin blockchain.
