Dogecoin’s DRC-20 Dogeinal Tokens Inspire Record Highs

Simulating a version of BRC-20 protocol, crypto enthusiasts are able to inscribe digital relics onto the canine token.

Two explorers on a cliff edge looking at the moon with DOGE character.
Created by Kornelija Poderskytė from DailyCoin
  • DRC-20 protocol inscribes parts of digital artifacts onto ‘Elons.’
  • ‘Elon’ is Dogecoin’s replica of the ‘Satoshi’ particle for BRC-20.
  • Dogecoin soars in trading activity, but daily charts remain bearish.

NFTs inscribed onto Dogecoin (DOGE) are becoming a reality with the recent DRC-20 protocol launch. As the name suggests, the technical setup mimics BRC-20, the Bitcoin Ordinals NFT protocol that was a huge hit in the NFT community earlier this year.

Like Ordinal Punks or Bitcoin Shrooms, these inscriptions are usually used as some digital artifacts. Inscribed onto Dogecoin, these Dogeinals NFTs dramatically spiked the transaction activity, recording over 650,000 transactions.

However, this didn’t reflect on the top dog coin’s price. Dogecoin is changing hands at $0.071919, slipping by 0.9% in the last 24 hours. The popular canine coin has traded in phased consolidation for the past two weeks, losing 7.9% of market value.

DOGE Army Split into Two Camps

The term “Doginals” is coined by Cheems, a Solana based memecoin that already put the DRC-20 NFT protocol into practice. However, many DOGE Army veterans on Twitter are infuriated about the ‘shitcoin’ transactions flooding the Proof-of-Work (PoW) network. 

While NFTs on the largest memecoin’s self-sufficient PoW blockchain might seem innovative and beneficial, many crypto enthusiasts on Twitter beg to differ.

For instance, U.S. Army veteran Uncle Chad raises the question: “Why is this happening and why are we allowing this to happen?” while plenty of other members of the DOGE Army see the transaction spike as “stress testing.” 

On top of that, Dogecoin (DOGE) core developer Patrick Lodder called $DOGEWOW holders “morons” and even labeled all Dogeinals-based coins “scams.” In any case, this is just one of many freshly minted tokens on the network with the help of the DRC-20 protocol.

On the Flipside

  • Many members of the Dogecoin Foundation are protesting the DRC-20 protocol.
  • The opposing party argues that DRC-20 has no value and cramps the blockchain.

Why You Should Care

Leading memecoin Doogecoin (DOGE) is the second largest Proof Of Work (PoW) blockchain.

Explore the latest cryptocurrency trends:

SEC vs. Ripple: XRP Lawyer Uncovers Hidden Dangers in Complaint

Tether Fortifies Reserves & USDT Profits Surge in Q1 Triumphs

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.