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Pepe-Themed ‘Bitcoin Frogs’ Becomes Most Traded NFT Amid Bitcoin Ordinals Hype
Some $2 million worth of NFTs have been exchanged in the past 24 hours.
Bitcoin Frogs, the newly-launched non-fungible token (NFT) fashioned after frogs, has become the most-traded collection in the past 24 hours, surpassing even prominent collections, such as Bored Apes.
Bitcoin Frogs, which launched in late February on Bitcoin Ordinals, reached trading volume of over $2.2 million, data from CryptoSlam show. The collection describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.”
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At the time of writing, each NFT was selling for 0.12 bitcoin (BTC), or over $3,200. Buyers and sellers are paying trading fees ranging from $50 to over $1,200 as of Thursday.
Bitcoin Frog's trading volumes was spread across 627 individual transactions, the data show. In comparison, Bored Apes recorded just over 11 transactions at a significantly higher price of over $83,000 per NFT.
NFTs issued directly on Bitcoin have gained prominence after the launch of the Ordinals Protocol earlier this year. The Ordinals Protocol allows users to embed data onto the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions – with the so-called Ordinals “inscriptions” surpassing the 3 million mark earlier this month.
Such demand has contributed to bitcoin fees spiking to two-year highs and stirred debate in the Bitcoin community.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
