Collectibles

Bitcoin Frogs Make Waves: $7.5 Million in Sales and Soaring Transaction Volumes

Ribbiting its way to the top of the NFT market...
TwinZee
3
min to read

Bitcoin Frogs, a recently introduced collection of non-fungible tokens (NFTs), minted on the Bitcoin network, has emerged as the most actively traded collection within the last 24 hours, surpassing well-known collections like Bored Apes.

According to data from CryptoSlam, the Bitcoin-based NFT series has generated a transaction volume exceeding $2 million, experiencing a surge of over 70% in transactions over a 24-hour period. In the past week alone, Bitcoin Frogs achieved total sales of $4.8 million, bringing the collection's overall sales volume to $7.5 million at the time of writing.

Source: Cryptoslam.io

Reports indicate that traders of Bitcoin Frogs are paying fees ranging from $50 to approximately $1,200 to acquire a piece of this immutable digital collection. One specific Bitcoin Frog, identified as #5558, recently sold for 0.3009 bitcoin, equivalent to roughly $8,200 at the time of the sale.

The Bitcoin Frogs collection was launched on March 8th on the Bitcoin Ordinals network and was initially distributed for free on a first-come, first-served basis. The current minimum price for a Bitcoin Frogs NFT stands at 0.12 BTC, or around $26,580.

Since the introduction of the Ordinals Protocol earlier this year, Bitcoin NFTs have gained significant popularity. This protocol enables users to embed data onto the Bitcoin blockchain through a process called inscription. As of early this month, more than 3 million inscriptions have been created on individual Satoshis.

While these inscriptions have led to a two-year high in Bitcoin fees and faced criticism from Bitcoin purists, they are proving to be popular and offer additional functionality to the Bitcoin network.

Disclaimer. Drops Calendar does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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