Dogecoin and Litecoin blockchain networks saw peak activity on the back of introducing the Ordinals protocol and creating its corresponding tokens LRC-20 and DRC-20.
The Dogecoin project set a new record for daily activity on May 18 — 1.2 million transactions. Earlier, on May 10, a similar record was updated on the Litecoin network — 584,000 transactions. This is evidenced by data from the BitInfoCharts service.
The current hype is related to the Ordinals protocol. Litecoin and Dogecoin networks were created based on forks of the Bitcoin blockchain network, so it was easy to port Ordinals for use within these two projects. Thus, Litecoin’s Ordinals analog was rolled out in mid-February, and a little later, an analog called Doginals became available to Dogecoin users.
However, a surge of activity was triggered by creating the LRC-20 and DRC-20 token standards on Litecoin and Dogecoin networks, respectively, similar to the BRC-20 standard for “digital artifacts” on the Bitcoin network. Users were able to issue new cryptocurrencies based on Litecoin and Dogecoin networks, which provoked a record increase in the number of transactions.
The Bitcoin blockchain network was similarly overloaded in early May due to the hype around BRC-20 tokens and the opportunities associated with them.
