• Months after helping Dogecoin surpass Bitcoin transactions, Doginals are back again.
• DOGE may reverse to the upside if demand reappears.

Dogecoin’s [DOGE] co-founder Billy Markus confirmed that the jump in transactions on the blockchain was because of an increase in meme coin trading and Doginals’ activity.

Markus, who answers by the nickname “Shibetoshi Nakamoto,” revealed this in response to a community member who was curious about the reason behind the hike.

ordinals and shitcoins using doge blockchain

— Shibetoshi Nakamoto (@BillyM2k) November 24, 2023

The Doginals experiment first appeared in May. At that time, the developers wanted it to be a replica of Bitcoin Ordinals. Interestingly, the experiment was successful. So, users were able to inscribe images, and texts on the Dogecoin blockchain.

By copying the Ordinals model again, some members of the DOGE community introduced DRC-20. Unlike Doginals, DRC-20 tokens can be traded as normal cryptocurrencies. These were the “shitcoins” Markus was referring to in his post. 

Maybe they are “shitcoins” in the end

Out of genuine concern, AMBCrypto checked if these tokens were bringing in good returns for the traders. According to our assessment of Coinranking’s data, a whopping 71% of DRC-20 tokens have brought in losses for traders in the last 24 hours.

Only 29% of these meme coins gained within the same period. Further evaluation of the Dogecoin ecosystem showed that the unimpressive performance of these tokens has caused the trading volume to sin

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Author: Victor Olanrewaju

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