Bitcoin Ordinals NFT trading volume tanks 98% since May: DappRadar
Alongside the declining trading volumes, the number of Bitcoin Ordinals transactions dropped by 97% to just 20,571 in mid-August. DappRadar has pointed to an “alarming plunge” in Bitcoin Ordinals nonfungible token user activity, with trading volume s tanking around a whopping 98% since May. In an Aug. 17 report, DappRadar highlighted its data showing that the total Bitcoin Ordinals sales volume had decreased from peak levels of $452 million in May to roughly $3 million as of Aug. 14. In line with that drop, the number of transactions also declined by around 97% to 20,571 within that same time-frame. Ordinals trading volume and sales count. Source: DappRadar. DappRadar described it as a grim scenario for the Ordinals market, but did also emphasize that more time is required to determine whether this is a “temporary setback” or something that represents a “systemic problem of Bitcoin-based NFTs.” “This steep decline in both sales volume and count within such a short period is alarmi...