What started with developer Casey Rodarmor developing the Ordinals protocol to “write” text and images onto the Bitcoin (BTC) network has now made its way to Litecoin (LTC) and Dogecoin (DOGE), making the Transaction volume on the two chains is skyrocketing part of a month.
Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts.
According to data from BitInfoCharts, Dogecoin hit a new transaction volume record on May 18 with 1.2 million transactions in a single 24-hour period. Similarly, on May 10, Litecoin reached its highest daily transaction volume ever with 584,000 transactions.
Ordinals first came to Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC—worth about $500 at the time—to anyone who could “port” the Ordinals protocol to the Litecoin network.
Roughly eight days later, on February 19, software developer Anthony Guerrera managed to launch the Litecoin Ordinals protocol. Similarly, DOGE enthusiasts copied the Ordinals protocol to create the same functionality on Dogecoin and decided to name the new protocol Doginals.
However, what really took network activity on Litecoin and Dogecoin to a new level was the later launch of the respective LRC-20 and DRC-20 token standards in early May, which allowed users to create entirely new memecoins on the two networks and spend.
The massive influx of activity on LTC and DOGE occurred around the same time as the Bitcoin network’s ordinals listing was in full swing, with a record 400,000 daily listings on May 10th.
Ordinal inscriptions on Bitcoin since December 2022. Source: Dune Analytics
The surge in bitcoin ordinals inscriptions can be directly attributed to the launch of the BRC-20 token standard, which, according to data from the ordinals scanner brc-20.io, has resulted in more than 24,000 new tokens appearing on the bitcoin Blockchain were coined.
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