Bitcoin’s BRC-20 and Ordinals Inscriptions: Unraveling the decline
BRC-20 trading placed on hold
In a significant announcement made on 22 October, Magic Eden on Bitcoin revealed a temporary suspension of BRC-20 trading. The platform explained that this suspension is a precautionary measure to safeguard users while awaiting a complete consensus on Ordinals Inscriptions.
BRC-20 transactions declines
Data from Dune Analytics reveals that in September, BRC-20 experienced an impressive peak of 400,000 transactions. During that same month, BRC-20 transactions accounted for over 60% of the total BTC transactions. Additionally, the volume of these transactions contributed to more than 30% of the fees collected by the Bitcoin network.
Daily Ordinals Inscriptions drop with fees
Dune Analytics data showed that Ordinal Inscriptions have experienced a significant decline as well. In September, the daily inscriptions reached an impressive peak of over 400,000.
