TL;DR
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Compared to May, the trading volume has dropped by more than 97%, according to a new report by DappRadar.
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Ordinals aren’t dead, but there’s some work to be done to return them to their former glory.
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The problem is that Ordinals are so new that they haven’t seen ‘The Good Times’ and so we have no data to know if there will be renewed interest in Ordinals when the next bull run comes, or not.
Full story
Apologies in advance for being Debbie Downers today, but… we have more not-so-great news related to Bitcoin.
So we always wrote about Bitcoin Ordinals a lot.
(You know, which meant you could essentially place NFTs on the Bitcoin network?)
They were the latest in the Web3 space, trading volume was a whopping $452 million in May.
But since then everything has cooled down a bit. Like it, a lot of.
Compared to May, the trading volume has dropped by more than 97%, according to a new report by DappRadar.
What does all this mean? Are Ordinals dead?
Ordinals aren’t dead, but there’s some work to be done to return them to their former glory.
Trading volume is a solid indicator of market strength.
Less trading volume = less interest in perceived value of ordinal numbers.
If you’ve been in the crypto space for a while, you’re probably used to the ebbs and flows of the industry.
The difference here is that Ordinals are so new that they haven’t seen ‘The Good Times’ and so we have no data to know if there will be renewed interest in Ordinals when the next bull run comes, or not.
Let’s hope we find out sooner rather than later!