According to U.Today, the Dogecoin blockchain is undergoing rapid evolution, as highlighted by a recent update from leading ecosystem developer Alex, also known as MyDogeCTO. The primary noncustodial wallet for the meme coin, MyDogeWallet, is preparing to support the Doginals and DRC-20 token standards. These advancements will expand on Bitcoin's legacy, which is currently flourishing due to the influx of Ordinals and Inscriptions.
Doginals will act as the Ordinals resident on Dogecoin, allowing developers and members of the DOGE ecosystem to participate in the meme coin revolution. MyDogeCTO has shared that the User Interface (UI) and testing for the Doginals and DRC-20 are currently in progress. The expected release timeline is this weekend, making these Ordinals accessible in a wallet used by the majority of native Dogecoin holders.
The introduction of NFTs and Inscriptions on Dogecoin represents another significant step towards enhancing the utility of the Dogecoin ecosystem. Despite being the most valuable meme coin in the industry, Dogecoin has been criticized for lacking smart contract capabilities beyond its primary function as a payment coin. Unlike Shiba Inu with Shibarium, and Floki with its tokenization platform TokenFi, Dogecoin has not shown any notable progress in this area recently.
However, with the DRC-20 standard, ecosystem innovators now have the opportunity to express their creativity with new applications that could potentially increase the demand for Dogecoin. The effect on the price will depend on retail investors rather than the whales within its ecosystem. At the time of writing, Dogecoin is trading at $0.1629, a decrease of 1.29% in the past 24 hours. This dip is seen as a cooling-off period following the volatile price action observed earlier this week. A significant rebound is anticipated in the long term, especially if the integration of DRC-20 and Doginals into MyDogeWallet proceeds as planned.