Developer Casey Rodarmor Starts Ordinals Protocol to "Inscribe" Text and Images on Bitcoin The network has now moved into Litecoin and Dogecoin, transaction volume on these chains has skyrocketed for most of the month.
According to data from BitInfoCharts, on May 18, Dogecoin's transaction volume hit a new record, reaching 1.2 million transactions in 24 hours. Likewise, on May 10, Litecoin's daily transaction volume reached an all-time high of 584,000. O rdinals first landed on Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC (worth about $500 at the time) to anyone who could “port” the Ordinals protocol to the Litecoin network. About eight days later, on February 19, software engineer Anthony Guerrera successfully la Unched the Litecoin Ordinals protocol. In a similar fashion, DOGE enthusiasts copied the Ordinals protocol to create the same functionality on Dogecoin, choosing to name the new protocol "Doginals".
However, what really pushed activity on the Litecoin and Dogecoin networks to new heights was the subsequent introduction in early May of the LRC-20 and DRC-20 token standards respectively, which allowed users to create and issue entirely new memecoins on both networks .The huge influx of activity on LTC and DOGE roughly coincided with ordinal inscriptions on the Bitcoin network going into overdrive, with daily inscriptions hitting a record 400,000 on May 10. The increase in Bitcoin Ordinals inscriptions can be directly attributed to the introduction of the BRC-20 token standard, which has minted over 24,000 new tokens on the Bitcoin blockchain, according to Ordinals scanner brc-20.
