Dogecoin Developer Shares Important Ordinals Update: Details
Release: 2024/06/06 21:05 Reading: 297
Dogecoin Ecosystem Evolves, Embracing Doginals and DRC-20 Token Standards
Cover image courtesy of U.Today
The Dogecoinblockchain is experiencing rapid evolution, as evidenced by the latest announcement from Alex, known on Twitter as MyDogeCTO and a leading developer within the ecosystem. According to Alex, the predominant noncustodial wallet for Dogecoin, MyDogeWallet, will soon support Doginals and DRC-20 token standards.
These advancements align with the legacy established by Bitcoin, which has seen substantial growth fueled by the surge in Ordinals and Inscriptions. As Doginals emerge as the equivalent Ordinals for Dogecoin, developers and members of the DOGE ecosystem are poised to participate in this meme coin revolution.
MyDogeCTO confirmed that the user interface and testing for Doginals and DRC-20 are underway. The target release date is set for this weekend, making these Ordinals accessible through the wallet used by a majority of native Dogecoin holders.
Doginals and DRC-20: Enhancing Dogecoin Utility
The introduction of support for NFTs and Inscriptions on Dogecoin represents a significant step towards expanding the ecosystem's utility. Despite being the top-valued meme coin, Dogecoin has been criticized for lacking smart contract capabilities beyond its function as a payment medium.
Unlike competing meme coins such as Shiba Inu (SHIB) with Shibarium and Floki with its TokenFi platform, Dogecoin has lagged in this area. The DRC-20 standard will empower ecosystem innovators to showcase their creativity through novel applications, potentially driving increased demand for Dogecoin.
Market Impact and Outlook
The impact of these developments on Dogecoin's price will primarily depend on retail investors rather than whales within the ecosystem. At the time of writing, Dogecoin trades at $0.1629, reflecting a 1.29% decline over the past 24 hours. This dip appears to be a temporary correction following the volatile price action observed earlier in the week.
In the long term, a sustained rebound is anticipated, particularly if the integration of DRC-20 and Doginals into MyDogeWallet proceeds as planned.
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