Over 12 Million Ordinal Inscriptions Recorded on Bitcoin Blockchain

• Over 300,000 outstanding transactions have yet to be validated.
• 90.7% of all inscriptions are made up of text, while 9.3% are made up of other file types.

According to the most recent assessment, there are now over 12,494,695 Ordinal inscriptions connected to the Bitcoin blockchain. As a result of this ongoing pattern, mempool.space has recorded over 300,000 outstanding transactions that have yet to be validated.

Bitcoin miners validated these transactions and others worth $46.10 million in conventional financial transfers on Saturday, adding up to a total of 1,737.50 BTC. On the 15th of June, three days ago, the total number of Ordinal inscriptions hit 12 million.

According to the most recent data available, 90.7% of all inscriptions are made up of text, while the remaining 9.3% are made up of other file types such JPEGs, PNGs, SVGs, GIFs, videos, software, and programs. A significant portion (11,259,647) of the total inscriptions are only made up of simple text.

Trading Volume Declines

Even if the number of Ordinal inscriptions is rising, the BRC20 economy has been hit hard. There are 34,296 BRC20 tokens with a total market cap of $141.97m, according to statistics from brc-20.io.

Recently, almost $25.51 million worth of BRC20 trade volume has been recorded. This cryptocurrency token economy based on Bitcoin was once worth close to $500 million. However, numerous prominent BRC20 tokens have had major value reductions because of the current down market.

The value of one ordi (ORDI) token, for example, has dropped from $11.36 on June 3 to $6.263. Similarly, on June 3rd, one unit of the BRC20 token pepe (PEPE) was worth $0.20, but recently, that price has decreased to $0.050.

The value of BRC20 tokens on the market has dropped significantly this month, while the total number of BRC20 tokens has increased by more than 38% since June 3.