Although Ordinals Trigger Dogecoin Surge, Core DOGE Developer Remains Cautious.
Dogecoin has hit a new record for daily transactions with 719,000 on Tuesday, outpacing Bitcoin’s 566,000. The surge in Dogecoin transactions has been attributed to the creation of “Doginals,” tokens similar to NFTs that have been enabled by the network’s newly established DRC-20 standard, which allows the creation of meme coins. However, Dogecoin core developer Patrick Lodder warned that while the frenzy may not be a “feature,” it could be a short-lived craze. Lodder added that the current risk of inscribing tokens into “shibes,” the smallest unit of dogecoins, is “under-engineering,” and programming them to have actual functions in a secure, trustless way remains a challenge. Before the DRC-20 standard rollout, Dogecoin daily transactions were comparatively stable at about 20,000 per day, but since the launch, the network has witnessed a surge. Researchers on the subject are uncertain whether the spike is here to stay or part of a larger meme coin mania trend.
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