Metrics reveal a significant day for the Bitcoin blockchain as 411,511 Ordinal inscriptions were minted Sunday, clinching the title of the second most prolific day for inscriptions ever. Additionally, over the past seven days, Ordinal inscriptions represented a hefty 53.9% of all transaction activity on the Bitcoin network.
Ordinals’ Unprecedented Impact: 53% of Bitcoin’s Weekly Transactions Defined by Inscriptions
Fast forward to 8:15 a.m. Eastern Time on Monday morning August 21, 2023, a significant 25,620,164 Ordinal inscriptions now grace the Bitcoin blockchain. Just a day ago on Sunday, the network witnessed the minting of Ordinals spike to its second-highest volume ever with 411,511 inscriptions. Still topping the chart is July 30, 2023, when a record 422,164 inscriptions were minted in a single day.
A recently published Dappradar report, which suggests a 97% drop in Ordinal inscription sales from their peak, has generated significant buzz and controversy. An X user, Trevor.btc, has questioned its accuracy. He cites data from Dune Analytics and Cryptoslam.io that show a decline of 67% to 68%. Trevor.btc also criticized the report for not including BRC20 activity, an essential aspect of the Ordinals inscription trend.
In Trevor.btc’s words:
Did Ordinals speed-run a hype cycle? Absolutely. Is Ordinals volume down significantly compared to the peak? Yes. Could it go down further? Sure. But so what? The Ordinals market is no different than any other new asset in the space and no different from what we’ve seen on other NFT ecosystems. These things come and go in cycles.
Notably, NFT aficionado and founder of Ord.io, Leonidas, recently highlighted the substantial activity surrounding Ordinal inscriptions. On Sunday, he remarked, “Ordinals accounted for 53.9% of the activity on Bitcoin this week. Ordinals transactions: 1,974,803. Bitcoin transactions: 3,660,831. The only people saying that Ordinals are dead are the ones who feel threatened by them.”
The latest data from Dune Analytics and ycharts.com shows that of the 612,461 transactions on the Bitcoin blockchain on August 20, roughly 411,511 were Ordinal inscriptions, translating to 67.18% of all the BTC transactions that day. Moving into August 21, over 36,000 inscriptions have been recorded so far. It’s also noteworthy that the pending transaction count as of this Monday stands at 347,640 unconfirmed transactions, or a sizeable 223 megabytes of block space waiting to be cleared.
What do you think about Ordinal inscriptions dominating Bitcoin transactions in recent times? Share your thoughts and opinions about this subject in the comments section below.