Ordinals Hype Drives DRC-20 Success as Dogecoin Surpasses Bitcoin in Daily Transactions
Dogecoin has launched “Doginals,” its version of Bitcoin Ordinals, using the DRC-20 token standard. This new standard has propelled Dogecoin’s daily transactions to 1.12 million on May 17, up 5,500% in just the first week since its May 10 launch. Dogecoin’s launch comes after Litecoin did the same with its LTC-20 token standard, resulting in an LTC price surge and increased user base. However, the NFT market has seen a significant decline in the weeks leading up to Dogecoin’s launch, which may pose a future challenge for the success of Doginals. If the hype around Dogecoin NFTs continues to rise, it could help bring back investor interest in the meme coin, which has recently lost some of its investor interest due to market volatility and the rise of other meme coins. While it remains to be seen how long the demand for Dogecoin NFTs will remain high, Dogecoin’s dedicated meme coin supporters could help sustain the hype for a longer period.