Bitcoin Frog’s Best Selling NFT in 24 Hours as BTC Catches Pepe Mania
The ordinals come into focus this week. Bitcoin Frogs was the #1 selling NFT collection for the 24 hour period on Wednesday. Frogs sales surpassed Bored Apes Yacht Club, CryptoPunks and other popular compilations for the day.
The BRC-20 memecoin project describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” At the time of publication, 3,700 frogs had owners. Meanwhile, hundreds were listed for sale on NFT marketplaces.
The gecko who sells insurance can these days worry about losing his job to Pepe the frog. Cryptocurrency NFTs inspired by PEPE Coin on Ethereum are all the rage in the ecosystem this year.
Bitcoin Frogs Jumps to #1 in NFT Trading Volume
According to data from CryptoSlam, a leading aggregator of on-chain NFT analysis, the sale of Bitcoin Frogs reached a trading volume of over $2.2 million for the day. Frogs sold out Bored Apes NFTs for Wednesday 17th May.
Some of the BAYC sellers may have even paid out to buy PEPE Coin in the meantime. A lot has happened during this season with Pepe fever.
CryptoSlam data shows Bitcoin Frogs selling for an average price of 0.12 BTC (around $3,200 USD) on Wednesday. The PEPE-inspired boom in sales took over Bored Apes Yacht Club despite the higher average sale price of around $83,000 for blue-chip NFTs.
BRC-20 brings PEPE Mania to Bitcoin
BAYC NFT trading volume clocked in at 11 transactions for the day. Meanwhile, voracious demand for frog meme crypto and Bitcoin ordinal NFTs pushed Bitcoin Frogs transactions up to 627 on Wednesday. Buyers pick up the cute frog meme words from NFT marketplaces like Magic Eden and Ordinals Wallet.
The inclusion of cool NFT features like generative AI to produce unique properties in each coin brings the artistry of smart contract minting to the Bitcoin blockchain.
But the coin was calibrated to maintain some fungibility among the frog. The project notes: “Rarities of all traits in each tier are equal, allowing subjective understanding of aesthetics and satoshi-based rarities to emerge.”
Two separate meme coin crazes have converged to drive the high demand for Bitcoin Frogs. One is the frog craze started by PEPE coin’s meteoric rise at the beginning of the month.
The second is the Bitcoin ordinals trend that started in January. Bitcoin ordinals inscriptions reached the 5 million milestone earlier this month. The number of BRC-20 tokens issued doubled in a week to set the new record.
