Bitcoin Ordinal Inscriptions Cool Down After Historic Peak

Bitcoin Ordinal inscriptions have tapered off markedly since September 24, 2023, following a historic peak on September 15. This deceleration emerges as inscriptions nestled within the Bitcoin blockchain verge on the notable 35 million milestone.

A Look at Bitcoin’s Recent Inscription Decline as 35 Million Milestone Looms

The flurry of Ordinal inscriptions on the Bitcoin network saw a significant dip after the exhilarating climax of 440,760 inscriptions recorded in a single day on September 15. At present, the distributed ledger boasts 34,961,312 inscriptions, yet since September 24, the rate of minting has slowed a great deal.

For example, on September 30, 2023, a total of 28,400 inscriptions were chronicled onchain, while the preceding day witnessed the addition of 44,746 inscriptions. The day before that saw the inscription count scarcely nudging past the 100,000 threshold.

From September 2 through the 24th, the daily inscriptions remained above the 175,000 mark. Yet, as August drew to a close, a descent below the 100K realm was observed, with the tally on August 31 and September 1 dipping below 150K on both days.

While 2023 has seen its share of inscription lows, the recent plummet has been more pronounced. On the flip side, the deceleration in inscriptions has afforded miners the chance to tackle the backlog of unconfirmed transactions languishing in the mempool.

The reasons behind the slowdown in inscriptions remain a mystery, casting a veil of uncertainty on the duration of this lull, and whether or not a resurgence in inscriptions is on the horizon. Despite these uncertainties, the 35 million milestone is within reach, reflecting a trajectory that’s made a significant impact on the Bitcoin blockchain.

What do you think about Ordinal inscriptions slowing down? Share your thoughts and opinions about this subject in the comments section below.