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What started with developer Casey Rodarmor establishing the Ordinals protocol to “inscribe” text and images on the Bitcoin (BTC) network has now extended to Litecoin (LTC) and Dogecoin (DOGE), resulting in a significant increase in transaction volume on both chains for nearly a month.
Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts.
On May 18, Dogecoin achieved a new record for transaction volume, processing 1.2 million transactions within a single 24-hour timeframe, as reported by BitInfoCharts. Likewise, on May 10, Litecoin recorded its highest daily transaction volume ever, with 584,000 transactions.
Ordinals made their debut on Litecoin after the pseudonymous Twitter user Indigo Nakamoto offered 5 LTC — valued at around $500 at that time — to anyone who could “port” the Ordinals protocol to the Litecoin network.
5 $LTC to whoever ports this to #Litecoin #Bitcoin #Ordinals https://t.co/7X4JfMzq97
— Indigo Nakamoto (@indigo_nakamoto) February 11, 2023
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Approximately eight days later, on Feb. 19, software engineer Anthony Guerrera successfully launched the Litecoin Ordinals protocol. In a parallel effort, DOGE supporters replicated the Ordinals protocol to establish similar capabilities on Dogecoin, naming the new protocol “Doginals.”
However, the significant surge in network activity on Litecoin and Dogecoin was primarily driven by the subsequent introduction of the LRC-20 and DRC-20 token standards in early May, which enabled users to create and issue entirely new memecoins on both networks.
The substantial increase in activity on LTC and DOGE coincided with a period when Ordinals inscriptions on the Bitcoin network surged, reaching a record of 400,000 daily inscriptions on May 10.
Ordinals inscriptions on Bitcoin since December 2022. Source: Dune Analytics
The rise in Bitcoin Ordinals inscriptions can be directly linked to the launch of the BRC-20 token standard, which — according to data from the Ordinals scanner brc-20.io — has seen over 24,000 new tokens minted on the Bitcoin blockchain.
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