Coin Edition -
- Crypto analyst posted that the Ordinals inscription fees is on the rise
- Dune analytics revealed that $127k has been spent on inscribing Ordinals on the BTC blockchain.
- The analyst said that Prdinals is the biggest mempool backlog after FTX and 3AC downfall.
Twitter crypto analyst Data Always shared that the spending to inscribe Ordinals is on the rise. According to an image she shared detailing Bitcoin Fees Paid To Inscribe Ordinals from Dune analytics, it was recorded that over $127,000 was spent to inscribe Ordinals on the blockchain.
Spending to inscribe Ordinals is climbing every day. Still only 12% of total fees and 0.3% of the subsidy, but the rise remains exponential. Biggest mempool backlog since FTX and 3AC collapses. pic.twitter.com/Ftpxdu4jDY— Data Always (@Data_Always) February 8, 2023
The account stated that Ordinals is the biggest mempool backlog since FTX and 3AC collapses, and added: Still only 12% of total fees and 0.3% of the subsidy, but the rise remains exponential.
Moreover, according to the analyst, the fees on the cheap end of the spectrum have been “pretty inelastic” with usage which is starting to pick up today. Neverthele…
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