The Dogecoin (DOGE) ecosystem developers have issued a crucial update as it concerns the launch and hosting of Ordinals inscription on chain. Despite its meme coin status, Dogecoin is looking to evolve like other more functional protocols. The emergence of Ordinals might help in achieving its goals in the future.
Dogecoin Ordinals update
Dubbed Doginals, developers of the popular MyDoge Wallet hinted that the platform is in the final stages of testing its v1.0 release in readiness for the inscription’s support. As one of the most used native Dogecoin applications, support for Doginals might make the innovation go more mainstream in terms of adoption.
We're in the final stages of testing our v1.0 release! https://t.co/mMZBkzEz2x
— Ale𝕏 (@MyDogeCTO) July 13, 2024
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It is not uncommon for these related updates as Dogecoin, though relatively slower than its peers, is exploring new use cases to power its growth. The history of inscriptions dates back to Q1, 2023, when innovations appeared on the Bitcoin blockchain.
The implication of this innovation was enormous, driving Bitcoin transaction count and fees for miners. Though the contributions to price growth at the time were negligible, the overall impact of Ordinals in the community could not be shunned.
The expectation is that Doginals will make a similar impact if it goes mainstream on Dogecoin. Beyond its status as a meme coin pioneer, more innovations can be attributed to the chain, potentially setting it up for success.
Dogecoin growth amid drawdown
The Doge Army is a very passionate one, with core backers helping to sustain the price of the coin despite the market drawdown. At the time of writing, Dogecoin is showcasing its resilience, jumping by 2.96% in 24 hours to $0.1098, per data from CoinMarketCap.
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With a market capitalization of $15.9 billion, the coin has sustained its ranking above Cardano (ADA). Amid its growth and price action, the community is often guarded against scams and risks to assets by Dogecoin developers.
While this might not mean much, the gesture has helped solidify the trust in the Dogecoin ecosystem, helping to sustain price stability.
