The cryptocurrency market has witnessed a surge of activity in the second quarter of 2023, with several altcoins hitting new daily transaction volume records. Among them are Dogecoin (DOGE) and Litecoin (LTC), two popular meme-inspired coins that have been boosted by the ordinals bulls, a group of crypto enthusiasts who believe that the ordinal numbers (1st, 2nd, 3rd, etc.) have a special significance in the market.
According to data from BitinfoCharts, DOGE, and LTC reached a combined daily transaction of 1.2 million transactions in a single 24-hour period. This indicates strong demand and liquidity for these coins, as well as a high level of adoption and usage among crypto users.
The Ordinals Bulls Movement is Here to Stay
One of the main factors behind this impressive performance is the ordinals bulls movement, which emerged in late 2022 as a response to the bearish sentiment that plagued the crypto market for most of the year. The ordinal bulls believe that the ordinal numbers have a hidden power that can influence the price movements of cryptocurrencies.
They use various strategies and indicators based on these numbers, such as buying or selling on certain dates, times, or price levels that contain ordinal numbers.
The Ordinals Bulls movement has gained a lot of traction and popularity among crypto users, especially those who are fans of DOGE and LTC. These coins have a strong community and culture around them, as well as a humorous and playful vibe that resonates with the ordinals’ bulls philosophy.
Moreover, they have proven to be resilient and adaptable to changing market conditions, as they have survived several cycles of boom and bust since their inception.
Not Everyone is on the Ordinals Wagon
This movement is not without its critics and skeptics, however. Some analysts and experts argue that ordinal numbers have no intrinsic meaning or value in the crypto market and that they are merely coincidences or patterns that can be found in any data set.
They also warn that relying on ordinal numbers can lead to irrational and emotional trading decisions as well as increased risk and volatility.
Regardless of the validity or legitimacy of the ordinals bulls movement, it is undeniable that it has had a significant impact on the performance of DOGE and LTC in the second quarter of 2023. Whether this trend will continue or fade away remains to be seen, but one thing is certain: the cryptocurrency market is never boring or predictable.
