Ordinals send increased LTC and DOGE network activity for 3 consecutive weeks

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What started with developer Casey Rodarmor creating the Ordinals protocol to inscribe text and images on the Bitcoin (BTC) network has now made its way to Litecoin (LTC) and Dogecoin (DOGE) sending transaction volume across both chains up for most of a month.

Recent network activity on the Litecoin and Dogecoin networks. Source: BitInfoCharts.

On May 18, Dogecoin hit a new record high in transaction volume, with 1.2 million transactions in a single 24-hour period, according to data from BitInfoCharts. Similarly, on May 10, Litecoin reached its highest ever daily trading volume with 584,000 transactions.

Ordinals first came to Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC worth around $500 at the time to anyone who could port the Ordinals protocol to the Litecoin network.

Some eight days later, on February 19, software engineer Anthony Guerrera succeeded and launched the Litecoin Ordinals protocol. Similarly, DOGE enthusiasts copied the Ordinals protocol to create the same functionality on Dogecoin, choosing to name the new protocol Doginals.

However, what really propelled network activity on Litecoin and Dogecoin to new heights was the subsequent introduction of the respective LRC-20 and DRC-20 token standards in early May, which allowed users to create and issue entirely new memecoins on both networks.

The monumental influx of activity on LTC and DOGE came around the same time that Ordinals listing on the Bitcoin network went into overdrive, with a record high of 400,000 daily listings on May 10.

Ordinal listings on Bitcoin since December 2022. Source: Dune Analytics

The surge in Bitcoin Ordinals listings can be directly attributed to the introduction 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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