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Crypto News

Bitcoin’s Ordinal Inscriptions Approach 30 Million, Marking Second-Highest Daily Count

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Despite a dip in Bitcoin’s nonfungible token (NFT) sales, making it rank seventh out of 23 blockchains in sales last month, Ordinal inscriptions linked to the Bitcoin blockchain have shown no signs of slowing down. These inscriptions are now on the cusp of reaching 30 million.

On September 3, a staggering 418,240 inscriptions were recorded, claiming the spot for the second-highest daily count. As of the morning of September 7, 2023, the Bitcoin blockchain, at block height 806,606, boasts approximately 29.48 million Ordinal inscriptions. Through these inscriptions, Bitcoin miners have amassed around 1,976.62 BTC, translating to a worth of $50.85 million at present exchange rates. A testament to the rapidity of this phenomenon, September 3 witnessed the day with the second most inscriptions, recorded at 418,240.

July 30, 2023, witnessed the pinnacle of daily Ordinal inscriptions, followed by the third-largest count on August 20, 2023. With the existing momentum, it’s anticipated that the Ordinal inscriptions on the Bitcoin blockchain will surpass the 30 million mark by the upcoming weekend. Delving deeper into the formats, out of the almost 30 million inscriptions, 17.53 million are cataloged as “text/plain;charset=utf-8”, with 10.17 million listed under “text/plain”. The rest are diverse, including formats like images, videos, GIFs, and software applications.

The inscriptions have not only seen a surge in daily counts but also boast remarkable numbers per block. Dune Analytics data reveals that as of September 3, the count of recursive inscriptions stands at roughly 148,568. These “recursives” elevate the flexibility and combinability of inscriptions, injecting a factor of unpredictability. According to Dune Analytics, the total sales in the Ordinal marketplace amount to $308.49 million.

This trading volume stems from 714,913 trades made by 177,573 unique users on platforms like OKX, Unisat, Magic Eden, and others, with OKX, Unisat, and Magic Eden seeing the highest volumes. Additionally, Cryptoslam.io data showcases that Bitcoin’s all-time trading volume rests at $539.71 million, stemming from 781,431 transactions made by 154,350 buyers and 146,898 sellers.