DOGE AND Litecoin Hit New Daily Transaction Volume Thanks To Ordinals, Bulls Keen On Massive Run In Q2 2023
Dogecoin and Litecoin recorded surging daily transaction volumes for the third consecutive week after marking their Ordinal debuts.
DOGE hit a daily volume of 1.2 million transactions, while LTC hit 584,000, setting a new all-time high for both networks.
Dogecoin bulls are speculating a stellar finish to the year at $0.1, but that remains a long shot even with the integration of Ordinals.
Popular among Bitcoin (BTC) users as Ordinals, Dogecoin (DOGE) users have copied the architecture to create Doginals, which has the community all excited with few dissenting voices.
The introduction of Ordinals to Dogecoin and Litecoin has led to surging daily volumes for the third consecutive week. On May 18, transaction volumes on Dogecoin hit a new daily record of 1.2 million, according to data from BitinfoCharts.
Litecoin, on the other hand, has also recorded a volume pump to 584,000 transactions across a 24-hour time frame. Ordinals debuted on Litecoin after Twitter user Indigo Nakamoto promised 5 LTC to anyone who ports the Ordinals to the Litecoin network.
On Feb 19, developer Anthony Guerrero successfully created the Litecoin protocol; similarly, Dogecoin followed suit. Increased network activity began after both networks introduced LRC 20 and DRC-20 standard tokens, respectively, enabling users to create meme coins and other “assets” on both networks.
DOGE derived inspiration from Ordinals to create what they term Doginals, driving up network activity just as it did on Bitcoin. Due to surging network activity, gas fees on Bitcoin hit highs not recorded in years, leading to congestion of the mempool.
Before now, daily DOGE transactions averaged between 20,000-25,000 before spiking to 700,000 and now setting a new record above 1 million transactions.
DOGE bulls are ready to pounce
The meme coin started the year recovering from losses recorded in 2022 and is still shy from its all-time high of 2021. Currently exchanging hands at $0.0736, the coin has gained 6.69% this year and is down by 13% from its price in May last year. Despite this slow growth, the community has moved around Doginals with bulls looking to ignite a run hinged on the Ordinal copycat.
Though the majority of users seem united in favor of Doginals, a core developer remains sceptical. Dogecoin developer Patrick Lodder shared his views on Doginals becoming short-lived.
“Something like this cannot become a real ‘feature’ because it has not had enough thought given to it. The sustained and growing pressure on Dogecoin will cause this to die off quickly,” he noted. He further added that the main issue is engineering, and he is yet to “haven’t discovered a good way to program these tokens and give it actual function in a trustless way like you can on an ERC-20 token.”