Bitcoin Ordinals’ Sales Volume Drops Over 97% Since May Peak: DappRadar
The excitement surrounding Bitcoin Ordinals has diminished significantly, with sales volume experiencing a staggering decline of over 97% since reaching its all-time high in May 2023.
Despite this downturn, some members of the community remain optimistic, suggesting that Bitcoin Ordinals are not dead. Others argue that the initial hype was a major factor contributing to its crash, asserting that Bitcoin is better suited to maintain its primary function as a store of value.
A 97% Crash Within 3 Months
According to a report by DappRadar, Bitcoin Ordinals have witnessed a sharp decrease in sales volume, plummeting from its peak of $452 million in May 2023 to $3 million in mid-August—a remarkable 97% drop within just three months.
Following an impressive performance in May, the sales volume of Bitcoin Ordinals began to nosedive in June, experiencing a 76.5% decline to $100 million. The downward trend continued in July, with sales volume further plunging by 66.9% to $35 million. Data for August indicates a staggering 91.4% reduction in sales, reaching just $3 million.
In addition to the decline in sales volume, the number of transactions has also dwindled since May. The report reveals that the number of transactions has fallen by 88.1% in August, totaling 20,571, compared to the 832,648 transactions recorded three months ago.
While the general non-fungible token (NFT) market has experienced a downward trend, Bitcoin Ordinals have been the hardest hit in comparison to other blockchains such as Ethereum and Polygon, which have a longer-standing presence in the NFT market and enjoy broader applications.
According to the DaapRadar report, the number of unique active wallets (UAW) surged from 696 in February to 79,261 in May. However, this upward trajectory was short-lived, with the current figure standing at 6,708 in mid-August.
Is Bitcoin Ordinals Dead?
The steep decline in sales volume and transactions raises concerns about the long-term viability of Bitcoin Ordinals and sparks debates about its future in the NFT sector.
Notably, the rapid decline has led some to speculate that Bitcoin Ordinals are dead, with certain community members suggesting that the initial hype surrounding them was too inflated for the project to sustain. However, there are still optimistic voices maintaining that it is premature to declare Bitcoin Ordinals a failure, emphasizing that the project is still in its early stages. Others argue that Bitcoin and Ethereum are distinct blockchains with different missions and functions, asserting that Bitcoin is better off preserving its role as a store of value while Ethereum drives the digital economy.
In July, Ethereum co-founder Vitalik Buterin commended Bitcoin Ordinals, stating that it helped revive the “culture of actually doing things” on the network.
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