Ordinals still make up majority of Bitcoin txs despite price collapse
Ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week despite the cryptocurrency’s recent price decline and suggestions that the hype around Bitcoin NFTs have “died.”
On Aug. 21, Ordinals developer "Leonidas" pointed out that Bitcoin had 530,788 transactions over the past 24 hours, with 450,785 of those transactions being Ordinals related.
“In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin,” he said.
Over the past 24 hours Bitcoin had 530,788 transactions.450,785 of those transactions were Ordinals related.In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin.You can't make this stuff up.
Data from Dune Analytics backs up the trend as it reports that there were more than 400,000 ordinal inscriptions on Aug. 20, while Bitinfocharts reports a daily Bitcoin transaction count of around 556,000.
This means that more than three-quarters of the current network activity was Ordinals related on Aug. 20.
85% of on-chain bitcoin transactions in the past 24 hours are ordinals relatedEIGHTY FIVE PERCENTthe main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf
Industry researcher Eric Wall added to that, observing that over the week, 54% of the transactions on the Bitcoin network were Ordinals.
According to Dune, the total number of Ordinal inscriptions is 25.5 million which has generated $53.4 million in fees on the Bitcoin network.
Inscriptions are currently dominated by BRC-20 token minting, with 1.9 million of them minted last week.
The recent observations paint a different picture to a DappRadar report on Aug. 17 that claimed that Ordinals
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