Beyond Bitcoin, Ordinals on Litecoin and Dogecoin sparked a trading frenzy.Since the developer CaseyRodarmor created the Ordinals protocol to "write" text and images on the Bitcoin (BTC) network, it has now developed to Litecoin and Dogcoin
Beyond Bitcoin, Ordinals on Litecoin and Dogecoin sparked a trading frenzy.
Since the developer CaseyRodarmor created the Ordinals protocol to "write" text and images on the Bitcoin (BTC) network, it has now developed to Litecoin and Dogcoin. The transaction volume on these two chains has soared for most of a month.
According to BitInfoCharts, on May 18th, the trading volume of Dogcoin reached a new record, reaching 1.2 million transactions within 24 hours. Similarly, on May 10, the daily trading volume of Litecoin reached 584000, a record high.
After Indigo Nakamoto, a pseudonymous Twitter user, provided 5LTC (worth about US $500 at that time) to anyone who could "transplant" the Ordinals protocol to the Litecoin network, Ordinals logged in to Litecoin for the first time.
About eight days later, on February 19th, software engineer Anthony Guerrera successfully launched the LitecoinOrdinals protocol. In a similar way, DOGE enthusiasts copied the Ordinals protocol to create the same functionality on Dogecoin and chose to name the new protocol 'Doginals'.
However, what truly propelled Litecoin and Dogecoin network activities to new heights was the introduction of LRC-20 and DRC-20 token standards in early May, respectively, which allowed users to
Create and release new memecoins on the internet.
At about the same time, the massive influx of events on LTC and DOGE saw the Ordinals inscriptions on the Bitcoin network enter a state of speeding, with daily inscriptions reaching a record high of 400000 on May 10th.
The increase in Bitcoin Ordinals inscriptions can be directly attributed to the introduction of the BRC-20 token standard - according to data from the Ordinals scanner brc-20.io - over 24000 new tokens have been minted on the Bitcoin blockchain.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
