Ordinals inscriptions approach 4.8M, nearly doubling in just over a week
The BRC-20 token frenzy has seen the number of Ordinals inscriptions on the Bitcoin network soar 92% in 8 days. The number of Ordinals inscriptions on the Bitcoin (BTC) network has witnessed another meteoric rise, almost doubling from 2.5 million to 4.78 million in just the last eight days. While the Ordinals protocol was initially used to mint images as non-fungible tokens (NFTs), users began to realize that they could use text-based inscriptions to create fungible tokens in a similar way to those minted via the ERC-20 token standard on the Ethereum (ETH) network. The total number of Bitcoin Ordinals inscriptions since December 14. Source: Dune Analytics. These text base inscriptions, now popularized as the BRC-20 token standard, have been the main cause of a the massive uptick in Ordinals inscriptions on the Bitcoin blockchain. As highlighted by Glassnode co-founder and CTO, Rafael Schultze-Kraft on Twitter, the text-based inscriptions are now the most popular form of Ordinals i...