Apr 14, 2023 at 05:49Contents
Ordinal Dogecoin (oDOGE), a memecoin fully hosted on the Bitcoin blockchain, rose by more than 1500% to $0.000000007498. Such results allowed the asset to take the first line in the top gainers among all cryptocurrencies on CoinMarketCap. Below, we will tell you what caused such growth and where you can buy such tokens.
Does it make sense? What is Ordinal Doge?
Ordinal Doge is based on an innovative protocol called Ordinals. With it, people who run Bitcoin nodes are able to make transactions with additional data, whether it be images, videos, and so on. Thus, Bitcoin NFTs emerged, which are now gaining popularity.
Many well-known collections, such as Bored Ape Yacht Club or Crypto Punk, among others, revived the new technology, thus restoring the lost glory of the first cryptocurrency. Such ordinals are called Bitcoin NFT.
As for Ordinal Doge, it is, according to the creators, the first memecoin made on the Bitcoin blockchain. The first Bitcoin DOGE, called Ordinal Inscription #5768, was bought for 10 BTC in oDOGE. As of this writing, Bitcoin is trading at $30,795 per coin.
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The process of creating these coins is described in detail on the project’s official website. Here’s how the developers create oDOGE:
- First, an Ordinal on Bitcoin is created.
- Then it is added to the Emblem Vault on the Ethereum blockchain.
- Then it is split into pieces so that all Ordinal within the vault is represented in the ERC-20 token, oDOGE. All in all, the first ever BTC memecoin was split into 1 quadrillion pieces and wrapped in ETH.
The creators also recently added the oDOGE logo to the vault, which they say should also increase the value of the token.
Why is oDOGE growing and current price?
Judging by the Twitter account of the project, the growth of oDOGE can be linked to the successful migration to Ordinal DOGE V2, as well as a series of listings on exchanges. This allowed the token to enter the trends, which caused the value of the asset to rise sharply.
$oDoge Would like to Thank the community for Trusting this team to Take over and migrate you all successfully.
We have witnessed a successful migration and a successful launch.
Our Journey, Our Chapters unfolding to become 2023’s top Meme is now fully under way!
READ THREAD pic.twitter.com/iHMDxotHDL
— Ordinal Doge (@OrdinalDogecoin) April 13, 2023
At the time of writing, oDOGE is trading at $0.000000007459, which is 1,634% higher than the day before. At the same time, the trading volume has also increased, exceeding 1500% interest and reaching $5M for the last day.
However, during the day, after the news about migration and listings, the token’s price increased by more than 2000%, but at the moment of writing this article, its price went down a little.
In addition, it should be noted that this is not the highest price for oDOGE. Judging by the chart on CoinMarketCap, the asset traded the most in early March 2023. On March 6, one oDOGE could be bought for $0.00000003471. So, if you bought the token at the start, you would have four times the amount invested at the peak. And if you had kept it until now, you would have lost 1,2 times.
Where to buy oDOGE?
According to CoinGecko, the token can already be purchased on the following exchanges:
- Uniswap — paired with WETH.
- LBank — in pair with USDT.
- Poloniex — paired with USDT.
- BKEX — in pair with USDT.
The cheapest asset can be purchased on the LBank exchange. On the platform, the token is trading at $0.000000005570. With regard to trading volume, during the day, most of all oDOGE traded on the Uniswap exchange. The daily volume was $5,169,335
Is it a good investment? oDOGE forecast
When the token formed its first historical high, this event was prior to the burning. At that time, the creators burned 35% of the total number of all common coins, which dramatically increased the value of the asset. Given that more than half of the coins are still in circulation, it is likely that the procedure will be repeated.
Moreover, the growth of the asset will depend on how attractive oDOGE will be to investors. Considering that the technology is new, potential holders may have concerns; however, as the Ordinals system will develop, this project has a chance to take off. For now, according to Etherescan, oDOGE is stored only in 1985 wallets.
Among the advantages of oDOGE, it is also worth noting that there is 0% tax to buy and sell tokens. Where to expect support for the project is from Bitcoin supporters, memecoin lovers, and members of the DOGE community. The latter two have a particularly large community, which could give the token the momentum it needs. But only time will tell if the token will find its niche in the industry, in the meanwhile, DYOR.
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