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What started with developer Casey Rodarmore creating the Ordinals protocol to “fit” text and images into the Bitcoin (BTC) network has now transitioned to Litecoin (LTC) and Dogecoin (DOGE), sending transaction volume across two chains aiming to growth. the best part of the month.
Dogecoin set a new transaction volume record on May 18, with 1.2 million transactions in a single 24-hour period, according to BitInfoCharts data. Similarly, on May 10, Litecoin reached its highest daily transaction volume with 584,000 transactions.
Ordinals first appeared on Litecoin after a Twitter user named Indigo Nakamoto offered 5 LTC – roughly $500 at the time – to anyone who could “port” the Ordinals protocol to the Litecoin network.
— Indigo Nakamoto (@indigo_nakamoto) February 11, 2023
About eight days later, on February 19, software engineer Anthony Guerrera launched the Litecoin Ordinals protocol. Similarly, DOGE enthusiasts copied the Ordinals protocol to create the same features in Dogecoin, choosing to name the new protocol “Doginals”.
However, what really took 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, which allowed users to create and issue entirely new memcoins on the two networks.
The monumental surge of activity on LTC and DOGE occurred around the same time that the Ordinals entry on the Bitcoin network hit a record 400,000 daily entries on May 10th.
The increase in the number of Bitcoin Ordinals inscriptions can be directly related to the introduction of the BRC-20 token standard, which, according to the Ordinals brc-20.io scanner, allowed more than 24,000 new tokens to be minted on the Bitcoin blockchain.