- Dogecoin launched its version of Bitcoin Ordinals called “Doginals” on May 10.
- Within a week, DRC-20 transactions propelled the daily Dogecoin transactions by 5,500% to 1.12 million on May 17.
- The NFT market has observed a stark decline over the last few weeks, which might be concerning for Dogecoin’s Doginals.
Over the last month, Dogecoin has lost a chunk of the interest it was receiving from investors due to two reasons. The first is the volatile market, and the second is the rise of other meme coins, such as PEPE and Milady. Thus naturally, Dogecoin is attempting to recapture that lost interest in a unique way and is actually succeeding in doing so.
Dogecoin “Doginals” propel daily transactions to new heights
Not too long after Bitcoin Ordinals took the Bitcoin market by storm, Dogecoin is trying its hand at replicating the success by launching “Doginals”. Doginals are basically Dogecoin’s take on NFTs, thanks to the new DRC-20 token standard, which is similar to the BRC-20 standard.
However, while Dogecoin may be better at making the most out of the BRC-20 hype, it is not the first to do so. This is because earlier last week, Litecoin did the same with its LTC-20 token standard, which also resulted in a surge in Litecoin price and user base.
Likewise, since the launch, DRC-20 has seen consistently rising interest from its users, inadvertently propelling DOGE daily transactions to 1.12 million on May 17. To put this into perspective, the average daily transactions on Dogecoin sit at 20,000, making the May 17 figure a 5,500% increase in the span of a week since its launch on May 10.
Dogecoin daily transactions
However, DRC-20 came at a time when Ordinals and BRC-20’s hype was beginning to dissipate. Despite clocking nearly 6.7 million transactions since the Bitcoin new token standard’s launch, BRC-20 transactions have declined to a little under a quarter of the daily average. While the daily transactions came in at 576,000 on May 17, BRC-20 transactions only accounted for 144,000 of them.
Bitcoin BRC-20 transactions
Nevertheless, since Dogecoin has its army of meme coin supporters, DRC-20 could see some significant hype for a while. Though given the reduced demand for NFTs, this may not last long.
In the last three months, the average weekly volume of NFT transactions has declined from over $700 million to under $180 million for the week ending May 15.
NFT weekly sale volume
Thus, if Dogecoin is able to keep up its current hype and the demand for Dogecoin NFTs continues rising, the meme coin might be able to bring back the investors’ interest.
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