The ordinals are coming in dank this week. Bitcoin Frogs was the #1 selling NFT collection for the 24-hour period on Wednesday. Frogs sales outpaced Bored Apes Yacht Club, CryptoPunks, and other popular collections for the day.
The BRC-20 memecoin project describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” As of publication time, 3,700 frogs had owners. Meanwhile, hundreds were listed for sale on NFT marketplaces.
That gecko that sells insurance might be worrying these days 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 Hops to #1 in NFT Trading Volume
According to data from CryptoSlam, a leading aggregator of on-chain NFT analytics, Bitcoin Frogs sales reached a trading volume above $2.2 million for the day. Frogs outsold Bored Apes NFTs for Wednesday, May 17th.
Some of the BAYC sellers may have even been cashing out to buy PEPE Coin in the meanwhile. There’s been a lot of that going on during this season of 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 overtook Bored Apes Yacht Club despite the higher average sale price of around $83,000 for the blue-chip NFT.
BRC-20 Brings PEPE Mania to Bitcoin
BAYC NFT trading volume clocked in at 11 transactions for the day. Meanwhile, the voracious demand for frog meme crypto and Bitcoin ordinal NFTs pushed Bitcoin Frogs transactions up to 627 on Wednesday. Buyers are picking up the cute frog meme ordinals from NFT marketplaces like Magic Eden and Ordinals Wallet.
But the mint was calibrated to maintain some fungibility among the frog. The project notes: “Rarities of all traits within each layer are equal, allowing subjective appreciation of aesthetics and satoshi-based rarities to emerge.”
Two separate meme coin manias have converged to drive the high demand for Bitcoin Frogs. One is the frog craze instigated by PEPE coin’s meteoric rise at the beginning of the month.
The other is the Bitcoin ordinals trend that started in January. Bitcoin ordinals inscriptions hit the 5 million milestone earlier this month. The number of BRC-20 tokens issued doubled in a week’s time to set the new record.