- 1 Ordinals project launched in the Bitcoin network which can inscribe photos and videos
- 2 The craze of Ordinals soon reached Dogecoin and Litecoin and saw a rapid peak in the network’s daily transactions
- 3 Dogecoin core developer believes that the hype will die as soon as it reaches the broader market
Ordinals are the reason why meme coins have been surging recently. Ordinals is a project on the Bitcoin network recently launched in January. The project first started supporting inscribing artworks and profile pictures but later also started inserting BRC-20 tokens into the same protocol.
Craze for Ordinals
The high craze of Ordinals inscriptions and meme tokens on Bitcoin has resulted in extraordinarily high network fees. The craze of Inscription of various coins has also brought Dogecoin and Litecoin into the picture. And due to all these inclusions the total of daily transactions has shot up to the moon.
The daily transactions of the three largest work-of-proof blockchains crossed over 2 million on Wednesday. As per the data of BitinfoCharts, the numbers are 579,260 Bitcoin, 363,885 Litecoin, and 1.126 million for Dogecoin alone. Each of these chains has also clocked an all-time single-day peak (transactions) in May.
The current blockchain tokens of BRC-20, KTC-20, and DRC-20 have been inspired by Ethereum’s ERC-20 tokens. This has allowed the creators to create “fungible tokens” on the blockchain. The new development was started as a not-so-important experiment on Bitcoin but has reached almost a $1 billion market cap since then.
In January, the Ordinals protocol was released by Casey Rodamor, a software engineer. The protocol allowed users to transfer satoshis. The smallest unit of Bitcoin is called satoshi (1/100,000,000 BTC). here the most noticeable thing is that instead of storing transaction data simply, it can also inscribe videos or images.
After the launch of BRC-20 (Bitcoin Request for comment) by a pseudonymous creator Domo in March the ordinal inscriptions have hit a new high. This development has allowed the creation of fungible tokens on the Bitcoin network. This opened the door for literally any user to create meme tokens in the blockchain.
Following the craze of Ordinals and the peak activity on the Bitcoin network, it didn’t take much time to make its way to the Litecoin network. Litecoin was originally launched in 2011 and it was made from the fork of the Bitcoin blockchain. Ever since its launch it has been a pretty important coin but has been overshadowed recently due to much flashier coins.
The Ordinal’s introduction to Litecoin was a pretty unplanned and unusual way. An unknown Twitter user named Indigo Nakamoto offered 5 LTC to anybody who could port the Ordinals protocol in the Litecoin chain. As the prize pool grew rapidly a software engineer named Anthony Guerrera launched Ordinals in the Litecoin chain after forking the Bitcoin code.
Within the same month of Bitcoin and Litecoin hype the Ordinal project reached the original meme coin network, Dogecoin. The creators introduced DRC-20 into the Dogecoin network. Just like satoshi in Bitcoin, users used “shibes,” the smallest unit of Dogecoin to inscribe tokens into the Dogecoin network.
Patrick Lodder, core developer of Dogecoin told a news agency this week that something like this project cannot become a real feature due to the lack of thought put behind it. He further mentioned that due to the broader market impact, the hype will cool off and the growing pressure on Dogecoin will cause this to die quickly.
- Quant Crypto: Is This The Best Time to Buy or Sell QNT Crypto? - September 26, 2023 5:05 pm EDT
- Chiliz: CHZ Price is Consolidating At Lowest, What’s Next? - September 26, 2023 4:34 pm EDT
- DIS Stock Forecast: Can (NYSE: DIS) Reclaim Its Upper Levels? - September 26, 2023 3:44 pm EDT