Why a gold rush for inscriptions has broken half a dozen blockchains
2 min read
The latest degen “gold rush” to inscribe everything from profile pictures to memecoins has led to at least half a dozen blockchain networks cracking under pressure over the past week.
The last few days have seen
Meanwhile, blockchain sleuth ‘ZachXBT’ warned about crypto influencers shilling shitcoins in a Dec. 19 post on social media.
“The market was trending up for weeks yet they still have to resort to this to trade profitably,” he said before adding, “This is your warning so do not come crying to me if you get dumped on.”
Take note of influencers who are shilling coins with a lower market cap or liquidity than their entire follower count.
The market was trending up for weeks yet they still have to resort to this to trade profitably.
This is your warning so do not come crying to me if you get… pic.twitter.com/Z6n2wllM2w
— ZachXBT (@zachxbt) December 18, 2023
As reported by Cointelegraph on Dec. 18, inscriptions on EVM (Ethereum Virtual Machine) compatible chains have surged over the past few days.
According to Dune Analytics, more than $6 million was spent on gas on inscriptions on Dec. 18, and a record $8.3 million was spent on them on Dec. 16.
However, on Dec. 18, Polygon founder Sandeep Nailwal noted that minters were switching to Polygon due to its favorable gas fees.
Highest number of inscriptions on @0xPolygon POS, 161m.
More than 2X the amount of inscriptions on the second ranked chain for inscriptions.
Fun part, afaik the gas fees still stayed under 10 cents, i heard horror stories that on somechains it went to as high as $400. Peak… pic.twitter.com/RC91DaOGhx
— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) December 18, 2023
