Dogecoin developers have announced a major update to support Ordinals inscriptions on the blockchain. Dogecoin, known as the meme coin, is trying to develop similar functions with more established protocols. In this context, Ordinals, also known as “Doginals”, could accelerate the adoption of Dogecoin in the mainstream.
Dogecoin's initiative to support "Doginals" inscriptions stands out as a notable step in its evolutionary process. This update was recently announced by MyDoge Wallet developers, who reported that the platform is nearing the end of the testing phase of version 1.0, which makes it easier to inscribe Doginals. Considering the popularity of MyDoge Wallet among Dogecoin users, this innovation is expected to be widely adopted.
The concept of Ordinals emerged on the Bitcoin blockchain in early 2023 and had a significant impact on transaction volumes and miner fees; however, it had a minimal impact on the price of Bitcoin at the time. Adapting these functions to Dogecoin has the potential to revolutionize the ecosystem by increasing network activity through Doginals and adding new use cases. If this innovation becomes mainstream, it could support Dogecoin's evolution beyond just a meme coin into a blockchain platform with a variety of functional features.
Despite ongoing market corrections, Dogecoin continues to show resilience. According to the latest data, Dogecoin is trading at $0.1098, up 2.96% in the last 24 hours and maintaining a market value of $15.9 billion. It is stated that this resilience is largely thanks to the unwavering support of the “Doge Army” and the proactive measures taken by developers to protect assets and prevent fraud. Trust within the community plays an important role in stabilizing Dogecoin's price in the face of market fluctuations.
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I EXPLAIN IN DETAIL.
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