Bitcoin Ordinals are going nowhere, with data reporting that nearly 85% of network activity on Bitcoin was Ordinals-related.
The Bitcoin Ordinal’s domination comes despite the fact that Bitcoin’s price has seen a considerable decrease and suggestions that the hype around Bitcoin NFTs may have taken a back seat.
Ordinals Continue To Dominate Bitcoin Network
On the 21st of August, Bitcoin Ordinals developer Leonidas took to X (formerly Twitter) to highlight that Bitcoin had around 530,788 transactions over the past 24 hours. Leonidas stated that out of this number, 450,785 were transactions that were related to Ordinals. Leonidas stated in their post,
“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 backed up the trend, with the platform reporting that the 20th of August saw over 400,000 Ordinal inscriptions. Meanwhile, data sourced from Bitinfocharts reported a daily Bitcoin transaction count of around 556,000. According to these numbers, over three-quarters of activity on the 20th of August on the Bitcoin network was related to Ordinals.
“85% of on-chain bitcoin transactions in the past 24 hours are ordinals related EIGHTY FIVE PERCENT the main use case of the bitcoin chain is ORDINALS.”
According to industry researcher Eric Wall, the past week saw 54% of the transactions on the Bitcoin network were Ordinals or related to Ordinals. Data sourced from Dune Analytics has shown that there have been a total of 25.5 million Ordinals inscriptions, which have generated over $53 million in fees on the Bitcoin network. Currently, BRC-20 token minting dominates inscriptions, with over 1.9 million of them mined during the previous week.
Numbers In Stark Contrast To DappRadar Report
These figures and claims are in stark contrast to a report published by DappRadar on the 17th of August. The report claimed that Ordinals NFT us
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Author: Amara Khatri
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