Dune Analytics reports over 400,000 ordinal inscriptions on August 20, while Bitinfocharts reports nearly 556,000 daily Bitcoin transactions

Ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week despite the crypto currency’s recent price drop and suggestions that the hype around Bitcoin non-fungible tokens has “died.”

On August 21, Ordinals developer “Leonidas” pointed out that Bitcoin had 530,788 transactions over the last 24 hours, with 450,785 of those transactions being Ordinals related.

Amid everyone claiming “Ordinals are dead” they have literally accounted for 84.9 per cent of the activity on Bitcoin, “Leonidas” added.

Dune Analytics data supports the trend as it reports over 400,000 ordinal inscriptions on August 20, while Bitinfocharts reports that there were nearly 556,000 daily Bitcoin transactions.

This means that over three-quarters of the current network activity was Ordinals related on August 20.

Industry analyst Eric Wall added to that, noting that over the week, 54 per cent of the transactions on the Bitcoin network were Ordinals.

As per Dune, the total number of Ordinal inscriptions is 25.5 million which has generated $53.4 million in fees on the Bitcoin network.

Inscriptions are presently dominated by BRC-20 token minting, with 1.9 million of them minted in the past week.

The recent observations present a different picture to a DappRadar report on August 17 that claimed that Ordinals non-fungible token usage and sales volume had dipped since its peak in May, prompting some crypto analysts to declare the hype as having “died down.”

Nevertheless, the report tracked the sales and trading volume of non-fungible tokens minted on the Bitcoin network, not the actual inscription activity which still seems to be high.

Bitcoin Ordinals are nonfungible asset artefacts that allow writing data onto a Satoshi, the smallest division of a Bitcoin.