February 28, 2024

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Daily gas spent on EVM inscriptions surges to record high of $8M

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Daily gas spent on EVM inscriptions surges to record high of M

Network transaction fees across all blockchains have spiked over the weekend as the Ordinals inscriptions craze continues to push demand for blockspace — not just on the Bitcoin network.

Inscriptions on Ethereum Virtual Machine (EVM) chains skyrocketed over the weekend, causing a spike in gas spent on them.

On Dec. 16, gas spent on inscriptions surged to a record high of $8.3 million,

On Dec. 18, NFT and Ordinals expert “Leonidas” noted that a single collection just did more volume in the past 24 hours than CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles, and Meebits combined.

The Bitcoin Frogs ordinals collection also topped the list for market capitalization with $182 million, he reported.

According to Cryptoslam, there was a spike to $4.8 million in secondary sales of the collection on Dec. 17.

Magazine: BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16