Trading Volume for Ordinals Has Dropped by 97%

TL;DR

• Compared with May, trading volume is down by more than 97% according to a new report by DappRadar.

• Ordinals aren’t dead – but there’s some work to be done to bring them back to their previous levels of fame.

• 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 some more not-so-great news regarding Bitcoin.

So, we used to write about Bitcoin Ordinals a lot.

(You know, the thing that meant you could essentially put NFTs on the Bitcoin network?)

They were the hot new thing in the Web3 space and trading volume was as high as $452M in May.

But everything has cooled off a bit since then. Like, a lot.

Compared with May, trading volume is down by more than 97% according to a new report by DappRadar.

What does this all mean? Are Ordinals dead?

Ordinals aren’t dead – but there’s some work to be done to bring them back to their previous levels of fame.

Trading volume is a solid indicator of market strength.

Less trading volume = less interest in perceived value of Ordinals.

If you’ve been around the crypto space for a while you’ll probably be 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.

Here’s hoping we get to find that out sooner rather than later!