On April 16th, the PEPE meme coin launched and took the crypto world by storm. Now the frog craze has entered the non-fungible token space — and it’s jumping with leaps and bounds.
Over the past 24 hours, the ‘Bitcoin Frogs’ NFT collection has seen a meteoric rise in its floor price and trading volume, surpassing prominent collections like the Bored Ape Yacht Club and Gods Unchained to become the Top NFT collection by sales volume.
According to data from CryptoSlam, the frog themed Bitcoin-based NFT series has brought in over $2 million in transaction volume, with transactions surging by more than 70% over a 24-hour period. Over the past seven days, Bitcoin Frogs has done $4.8 million in total sales, bringing the collection’s total sales volume to $7.3 million, at the time of writing.
Reports show traders of Bitcoin Frogs are paying fees that range between $50 to around $1,200 to own a piece of the immutable digital collection. One Bitcoin Frog, #5558, recently sold for 0.3009 bitcoin, or around $8,200 at the time of sale.
The Bitcoin Frogs collection launched on March 8th on the Bitcoin Ordinals network and were given away free on a first come first serve basis. The series is described as 10,000 pure digital collectibles that are minted directly on the Bitcoin blockchain and will be stored forever. The current floor price for a Bitcoin Frogs NFT is 0.12 BTC, or around $26,580.
Bitcoin Ordinals Protocol Brings New Energy to the Space
Since the launch of the Ordinals Protocol early this year, Bitcoin NFTs have risen in popularity. The Protocol enables users to embed data onto the Bitcoin blockchain through a process known as inscription. As of early this month, over 3 million inscriptions have been created on individual Satoshis.
Though the inscriptions have caused a two year high in Bitcoin fees and face criticism by Bitcoin purists, they are proving to be popular and add utility to the Bitcoin network. So much so that at Rarity Sniper, hardly a week goes by when we’re not covering an article about Ordinals. Here’s a look at some of the top stories from the past couple of months:
- Yuga Labs Nets $16.5M with Bitcoin Ordinals NFT Drop
- Magic Eden Launches Bitcoin Ordinals Marketplace
- Asprey, Bugatti Team Up for Luxury ‘Egg’ Ordinal Drop
- Bitcoin Ordinals & Meme Coins Reach All-Time Frenzy
- Binance to Add Support for Bitcoin Ordinals in Late May
No matter your stance on Bitcoin NFTs, it can’t be denied that the launch of the Ordinal Protocol has brought energy and excitement into the crypto and NFT space.
It’s unclear how long the Bitcoin Frogs NFTs will be able to ride the wave and hold down the top spot for NFT sales volume. But one thing is certain: Frog themes are all the rage in Web3 right now, and even if the fundamentals are lacking (or trailing behind) — the fun is definitely there.
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