📈Essential Insights on Doginals

Is it a passing fad, or the next revolution? Diving deep to find out.

The Unique World of Dogecoin 🚨

If you’re reading this, you’ve likely heard about Bitcoin Ordinals. It’s been one of the hottest topics on your timeline for almost a year now.

You’ve also heard about Dogecoin, one of the original meme coins that’s been around since 2013. It’s been on Elon’s radar, still see’s wild swings with bouts of hype and fud, but there’s something special about this token…

The community has been building, this entire time, aiming to bring utility and real value to this beloved degen token. And Doginals are major advancement towards this goal.

What Exactly is a Doginal? 🐕

In the next 2 minutes you’ll understand exactly what a Doginal is, and how it works. How? Through the power of metaphors.

Picture Dogecoin as this cozy and strange little town where everyone's been getting around on bikes, tossing coins to each other for fun. It's been chill and all about that easygoing life.

Then, bam! The DRC-20 protocol hits, and it's like the town just got its first ever magic toolbox. Suddenly, everyone's not just tossing coins; they're crafting these wild, unique tokens and NFTs, kind of like those custom bikes and shiny, rare collectibles that everyone's buzzing about​​.

Understanding the Value of DRC-20

In a nutshell, the DRC-20 protocol expands Dogecoin's capabilities, enabling it to support a wider range of digital assets, including those with inscriptions.

With the DRC-20 protocol allowing us to create fungible tokens AND NFTs on the Dogecoin blockchain, this opens up possibilities for inscribing or embedding unique data within these tokens.

For Dogecoin, incorporating the DRC-20 protocol and, by extension, the capability for inscriptions means that it's not just about sending DOGE from one wallet to another anymore. We can mint NFTs or create tokens that carry more than just value—they can carry meaning, messages, or art, securely stored on the blockchain.

Each token can be as unique as a handwritten note or a customized gift, leveraging the blockchain's immutable glory to permanently record this data.

Dogecoin started as a fun, meme-based cryptocurrency, the integration of technologies like the DRC-20 protocol and the concept of inscriptions marks a significant evolution. It transforms Dogecoin from a simple tool for financial transactions into a more complex platform that can support a richer landscape of digital interactions, including the creation, exchange, and collection of tokens enriched with personalized inscriptions.

The Real Story Behind Doginals

Most people still think ordinals and protocols that allow inscriptions on chain are new, starting with Bitcoin and BRC-20 in 2023 followed by DRC-20 that allowed inscriptions on Doge. 

This narrative couldn’t be more wrong. 

DogeParty was the first protocol on Doge that allowed inscriptions including tokens and jpegs on chain starting back in 2014, as well as acting as a DEX. In fact, it also had one of the first ever games on chain called DogeParty Runner. 

The protocol has its own block explorer where you can explore all the assets that still exists. 

You can still create a Doge Party wallet and access this historically significant ecosystem giving you access to tokens that were created as far back as 2014. There are so many gems you can find, for example the first ever “shit coin” was created here 9 years ago and can still be purchased.

The protocol ran from 2014 to 2016 and shut down due to lack of interest. It was too early for mass adoption. However, when the NFT and token narrative was reinvigorated in 2021, DogeParty was brought back to life allowing people to start inscribing again and access these old gems. 

There are all kinds of assets on DogeParty including stamps, tokens, cards. There are collectible cards which can be found on Rare Doge Directory. The first series of these cards were inscribed on the Doge chain in 2022, a year before the ordinal’s narrative. 

Doge is the godfather of all meme coins and one of the godfathers of token creation, collectibles and inscriptions culture. 

It was one of the most innovative chains in that period in 2014, it was way ahead of its time. This is why ordinals and inscriptions through DRC-20 just make sense, to continue building on this chain which has such a rich history of innovation and on-boarding the masses.  

So now you are wondering do I get started on Doginals on DRC-20?

Let’s start with the wallets and marketplaces on doge that currently support doginals:

• https://drc-20.org/ - A direct marketplace for all things doginal, they also have their own built in wallet which supports inscriptions. 

• https://doge.ordinalswallet.com/ - this marketplace allows you to connect other doge wallets and you can manage your assets directly.

• https://doggy.market/ - allows you to set up a wallet directly on the website and gives you access to all doginal collections including tokens. 

The Impact of Ordinals on Doge?

Just as Bitcoin went through some resistance in the community to ordinals, Doge is going through the same process. 

During the last week of January there were close to 1 million new Doge wallets set up and during the same week Doge transactions culminated to 1.9ml for one day creating a new daily record.

The Doginal narrative is clearly driving this surge in interest.   

However, there is backlash from Doge maxis who do not want their transactions slowing down due to inscriptions and are completely against it. 

One token inscription called DBIT completely clogged the mempool of Doge during early February causing a huge slowdown in transactions. Here is a chart showing the impact of doginals on the mempool showing huge spikes starting towards the end of January and steep rises continuing into February. 

The simple solution for now is to raise fees and push transactions through. However, there are other solutions being worked on in the background to allow inscriptions to thrive. Its part of the Doge culture since its inception, and demand is only going to be increasing. 

Why has the interest spiked around Doginals and what is coming up?

The development has been rapid in the space since the start of 2024. The Doginal Dogs free mint which launched in January 2024 has gained mainstream traction and interest breathing a whole new life into Doginals. Thousands of people have been onboarded to Doge because of Doginal Dogs, people who did not have Doge wallets, some who had never heard of Doge or Doginals. 

The team together with DogeLabs created a user-friendly onboarding process into the ecosystem. Something essential for mass adoption. The excitement and huge volumes have seen the project reach a floor price of 14,000 Doge (approx. $1160), with each whitelist getting two Doginal Dogs amounting to $2320 in value. You can understand why there is now huge excitement around Doginals. Because there is so much value already for holders, let alone the huge potential for growth. 

This huge wave of attention has caught the eye of significant players in the ecosystem. 

Magic Eden team members have been posting on the timeline teasing support for doge ordinals. 

OKX listing – This top 3 exchange which currently serves up to 50ml people has announced they will be supporting Doginals from the 28.02.2024. This is a huge step forward for this ecosystem and could propel it to the same heights we have seen Bitcoin ordinals achieve. 

Here is some data to back up that narrative. Over 90% of all ordinals trading is currently happening on OKX. 

I wouldn’t be surprised if other major exchanges like Magic Eden shortly follow OKX into listing Doginals. It is still early. NFA. 

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