Ordinals activity on Bitcoin moderates after Litecoin and Dogecoin integrate the service

- It has now been several months since Ordinals first launched on the Bitcoin blockchain, and similar to the path of non-fungible tokens , the initial hype around custom inscriptions on individual satoshi's has begun to die down as the crypto ecosystem takes stock of the value that Ordinals offer.

Ordinal inscription fee share. Source: Glassnode During the height of inscriptions activity, the total amount of fees paid per day in USD terms was $17.8 million, Glassnode said. This led to a considerable amount of pushback from some in the Bitcoin community as the cost for a simple BTC transaction spiked to levels not seen in several years.

One possible source of the dwindling interest in Ordinals and BRC-20s on Bitcoin has been the integration of a similar service on the Litecoin and Dogecoin networks, which have seen their transaction counts spike higher since the end of April after holding steady for the past year.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin: Are users losing interest in Ordinals? This data suggests…The transaction fees from Bitcoin Inscriptions started to fall recently.
Source: CryptoAmb - 🏆 22. / 68 Read more »

This year’s Bitcoin Pizza Day could make or break BTC- Here’s howAs the crypto community marks the 13th celebration of the event, a notable analyst opined that it might be not the best time for short term gains.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: This indicator could dismiss investors’ current dismayThe king coin's price has long-term potential of reaching its peak again. But it depends on a number of factors.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin’s plateaus near former range low – What’s next?Bitcoin consolidates near key support with a bearish overhead stronghold and neutral futures market.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin and Ethereum self-custody rise; investors bet on these areasBitcoin and Ethereum face resistance in breaking key price levels. However, holders remain steadfast while self-custody rises and positive funding rates indicate bullish sentiment.
Source: CryptoAmb - 🏆 22. / 68 Read more »