TL; DR
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A week ago, Elon went on Joe Rogan’s podcast where he discussed how most NFTs don’t actually contain images, but instead: links to images that brought Ordinals back into the spotlight.
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And yesterday Binance rolled out support for ORDI, the original BRC-20 sign.
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Will the transaction volume for Ordinals remain this high? Probably not, but we welcome this news with open arms 🤗
Full story
Speaking of things going up…
Over $15 million USD worth of Bitcoin Ordinals traded hands yesterday.
(For those of you playing at home, that’s the highest transaction volume since Ordinals was the hot new thing in May).
Cap.
So why the sudden increase in trading volume?
Markets are funny things, and more often than not, they are unpredictable.
(If they were completely predictable, we’d all be bazillionaires).
But we feel that the increase in transactions is due to two main things:
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A week ago, Elon went on Joe Rogan’s podcast where he discussed how most NFTs don’t actually contain images, but instead: links to images.
However, ‘Ordinals’ (also known as Bitcoin NFTs) don’t link to images, they store the entire image file on the Bitcoin blockchain – making it more permanent than most other options.
This brought them back into the spotlight.
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And yesterday Binance rolled out support for ORDI, the original BRC-20 sign.
The token itself is up ~80% at the time of writing – and it looks like it’s taken the Ordinals market (i.e. BTC NFTs) with it (or at least there have been a ton of trades in the last 24 hours) .
The funny thing is that ‘ORDI’, the token, is not actually associated with ‘Ordinals’, the protocol – like the creator of ORDI posted on X after the mention.
Will the transaction volume for Ordinals remain this high?
Probably not, but we welcome this news with open arms 🤗