The Dogecoin blockchain is evolving at a very fast pace, and this is showcased by the latest update from top ecosystem developer Alex, known on X as MyDogeCTO. According to Alex, the meme coin’s dominant noncustodial wallet, MyDogeWallet, is set to support the Doginals and DRC-20 token standards.
These innovations will build on the legacy of Bitcoin, which is now thriving based on the influx of Ordinals and Inscriptions in general. With Doginals serving as the Ordinals resident on Dogecoin, developers and members of the DOGE ecosystem are on track to join the meme coin revolution.
Per the update shared by MyDogeCTO, the User Interface (UI) and testing of the Doginals and DRC-20 are currently ongoing. The proposed timeline for the release is this weekend, putting these Ordinals in a wallet that the majority of native Dogecoin holders make use of.
Doginals/drc20 support within @MyDogeOfficial browser extension is almost ready to ship!
We are polishing the UI and testing as we speak, with an aim to release by this weekend 🐶🪙🚀🌕
— Ale𝕏 (@MyDogeCTO) June 6, 2024
Support for NFTs and Inscriptions on Dogecoin marks another bold move to bring utility to the Dogecoin ecosystem. Despite being the most valuable meme coin in the industry, many have accused Dogecoin of floating no smart contract capabilities beyond its primary role as a payment coin.
Unlike Shiba Inu (SHIB) with Shibarium, and Floki with its tokenization outfit TokenFi, Dogecoin has not made any visible advancement in this regard in recent times. With the DRC-20 standard, its ecosystem innovators can now express their creativity with new applications that can also present avenues to boost the demand for Dogecoin.
The impact on the price will now hinge on retail investors and not primarily on the whales within its ecosystem. At the time of writing, Dogecoin is changing hands for $0.1629, down by 1.29% in the past 24 hours. This appears as a cool-off period following the eclectic price action recorded thus far this week.
A defined rebound is expected in the long run, especially if the MyDogeWallet integration of DRC-20 and Doginals proceeds as planned.
