As of June 18, the latest figures reveal over 12.49 million Ordinal inscriptions have been recorded on the Bitcoin blockchain. The inscription trend has yielded substantial gains for bitcoin miners, who have accumulated 1,732 BTC equivalent to $46 million using today’s exchange rates. However, the BRC20 economy, experiencing a significant decline in value, has suffered the consequences of bitcoin’s recent price plunge throughout the past week.
BRC20 Market Faces Decline as Bitcoin Blockchain Records More Than 12 Million Inscriptions
As of the latest count, there are over 12 million Ordinal inscriptions linked to the Bitcoin blockchain, with the current tally reaching approximately 12,494,695. This sustained trend has contributed to a backlog of more than 300,000 unconfirmed transactions documented by mempool.space.
On Saturday, bitcoin miners confirmed these types of transactions, as well as traditional financial transfers, accumulating a total of 1,737.50 BTC valued at $46.10 million from inscriptions. Three days ago, on June 15, the total number of Ordinal inscriptions surpassed the 12 million mark.
Present statistics reveal that 90.7% of all inscriptions consist of plain text, while the remaining portion comprises various file formats such as JPEGs, PNGs, SVGs, GIFs, video files, software files, and applications. Out of the overall inscriptions, a significant 11,259,647 are composed solely of plain text.
While the count of Ordinal inscriptions continues to increase, the BRC20 economy has experienced a substantial decline in value. Present data from brc-20.io indicates that there are currently 34,296 BRC20 tokens valued at $141.97 million.
The BRC20 trade volume within the past 24 hours stands at approximately $25.51 million. Not long ago, this BTC-based crypto token economy was valued at nearly half a billion dollars. However, the recent downturn in the crypto market has significantly impacted the values of several top BRC20 tokens.
For instance, the token ordi (ORDI) was trading at $11.36 per unit on June 3, but today it has plummeted to $6.263 per token. Similarly, the BRC20 token pepe (PEPE) was valued at $0.20 per unit on June 3, but it has now dropped to $0.050 per token.
Despite the considerable decline in the BRC20 market valuation this month, the number of BRC20 tokens has experienced significant growth, increasing by over 38% since June 3. Marketplaces such as Magic Eden, Okx, Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Unisat continue to witness active trading of BRC20 and Ordinal inscriptions.
According to data from cryptoslam.io, sales of Bitcoin-based non-fungible tokens (NFTs) have decreased by more than 22% in the past week, totaling $21.49 million in sales. The second highest-priced NFT sold during this period was Bitcoin-based “uncategorized Ordinal,” fetching $3.52 million.
What are your thoughts on the continued rise in Ordinal inscriptions on the Bitcoin blockchain and the significant decline in the BRC20 market cap? Share your thoughts and opinions about this subject in the comments section below.