Total Number of Inscriptions Thru Bitcoin Ordinal Surpasses 2.5 Million

• The daily record for new inscriptions was broken no less than four times in April. 
• Also, the volume of Bitcoin transactions is at or near all-time highs.

Saturday was the biggest day ever for Ordinals, the technology used to inscribe digital assets on Bitcoin, creating assets similar to Ethereum-based NFTs.

According to a popular Dune dashboard, on Saturday there were around 223,000 inscriptions made via Ordinals. Over 200,000 inscriptions were made in a single day. A milestone that indicates continued protocol popularity five months after its debut.

The daily record for new inscriptions was broken no less than four times in April. Dune’s dashboard shows that between April 2 and April 23, there were around 72,000 and 193,000 inscriptions. Coincidentally, IntoTheBlock, a blockchain analytics business, reports that the volume of Bitcoin transactions is at or near all-time highs.

The company said on Sunday that the weekly average of daily Bitcoin transactions had reached roughly 396,000, the highest level since December 2017. What at first seemed like a pool of photographs while browsing the most recent inscriptions on ordinals.com is now a wall of words.

The total number of Ordinal inscriptions has created a new and significant milestone. Recently, the Dune dashboard reports that the total number of inscriptions has surpassed 2.5 million.

Last month, however, the tide began to turn when it was discovered that Ordinals could be used to create fungible tokens on Bitcoin, similar to what is possible on Ethereum.

Domo, a pseudonym, is an early proponent of this movement when he developed the “BRC-20” token standard as an experiment in the blockchain data space. On Sunday, close to 6,900 tokens were released utilizing the newly designed standard, according to statistics from brc-20.io. This includes many meme coins with multi-million dollar market capitalization.

According to CMC, the Bitcoin price today is $28,634.75 USD with a 24-hour trading volume of $18,300,449,538 USD. Bitcoin is down 2.23% in the last 24 hours.

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• Source: https://thenewscrypto.com/total-number-of-inscriptions-thru-bitcoin-ordinal-surpasses-2-5-million/