Despite a recent decrease in Bitcoin’s price and speculation about the fading hype around Bitcoin NFTs, ordinal inscriptions have continued to dominate the Bitcoin network’s activity in the past week.
On August 21, the developer known as “Leonidas,” responsible for Ordinals, highlighted that the Bitcoin network had processed 530,788 transactions within the last 24 hours.
Astonishingly, 450,785 of these transactions were Ordinals related, comprising a substantial 84.9% of Bitcoin’s total activity.
This defies the narrative claiming Ordinals’ demise.
Supporting this trend, data from Dune Analytics substantiates the phenomenon, recording over 400,000 ordinal inscriptions on August 20.
In contrast, Bitinfocharts records a daily Bitcoin transaction count around 556,000, implying that more than 75% of network activity on August 20 stemmed from Ordinals.
Industry researcher Eric Wall further corroborated this by noting that during the week, an impressive 54% of Bitcoin’s transactions were Ordinals.
Dune Analytics indicates that a staggering 25.5 million Ordinal inscriptions have taken place, generating an impressive $53.4 million in fees on the Bitcoin network.
READ MORE: Crypto Influencer Files $16 Million Lawsuit Against Bitget Exchange
These inscriptions are primarily driven by the minting of BRC-20 tokens, with a remarkable 1.9 million of them minted in the previous week.
These recent observations stand in stark contrast to a DappRadar report on August 17.
The report suggested that Ordinals NFT usage and sales volume had experienced a decline since their peak in May.
However, it’s crucial to note that this report tracked NFT sales and trading volume on the Bitcoin network, not the underlying inscription activity that continues to surge.
Bitcoin Ordinals represent nonfungible asset artifacts designed to facilitate data inscription onto Satoshis, the smallest Bitcoin units.
Introduced in January, the subsequent months witnessed a surge in inscription popularity as thousands of Ordinals were minted on the Bitcoin network.
This surge led to network congestion and spikes in transaction fees, culminating in peak congestion during April and May.
Other Stories:
US Tech Giant Fires New Warning About ChatGPT
Crypto Industry Adapts to Bear Market
Bored Ape Yacht Club’s Yuga Labs to Scale Back OpenSea Support
