The story begins with developer Casey Rodarmor creating the Ordinals protocol to “write” text and images on the Bitcoin (BTC) network, now this feature is also available for Litecoin (LTC) and Dogecoin ( DOGE). This news contributed to a spike in trading volume on the two chains.
Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts.
According to data from BitInfoCharts, on May 18, Dogecoin hit a new transaction volume record, with 1.2 million transactions in 24 hours. Similarly, on May 10, Litecoin reached its highest ever daily trading volume of 584,000 transactions.
Ordinals first appeared on Litecoin after 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.
I will give away 5 $LTC to anyone who can transfer this to#Litecoin#Bitcoin#Ordinalshttps://t.co/7X4JfMzq97
— Indigo Nakamoto (@indigo_nakamoto) February 11, 2023
About eight days later, on February 19, software engineer Anthony Guerrera succeeded and launched the Litecoin Ordinals protocol. In a similar manner, DOGE fans proceeded to copy the Ordinals protocol to create similar functionality on Dogecoin, choosing to name the new protocol “Doginals”.
However, what really drove network activity on Litecoin and Dogecoin to the next level was the introduction of the respective LRC-20 and DRC-20 token standards in early May, allowing users to create and issue Brand new memecoin on two networks.
The massive influx of activity on LTC and DOGE comes at the same time that Ordinals inscriptions on the Bitcoin network went into overdrive, with a record 400,000 daily inscriptions on May 10.
The launch of the BRC-20 token standard is likely to be the main reason for the increase in Bitcoin Ordinals inscriptions, according to data from Ordinals brc-20.io – which recorded more than 24,000 new tokens minted on the blockchain. Bitcoin.
