In the digital currency market, Bitcoin has always been a hot topic of concern. However, the recent news about the sharp drop in Ordinals' trading volume has sparked widespread discussion and questioning. It is said that there may be problems with the NFT function of the digital asset, and the developers have strongly refuted this claim. This article will delve into the background, causes and possible impacts of this incident, and take you to unveil the new face of the blockchain world.

1. Ordinals' trading volume plummets and causes controversy

As an emerging digital asset, Ordinals has been highly sought after by the market. However, recent data shows that its trading volume has dropped by more than 97%, which is a shocking figure. The news quickly sparked heated discussions among investors and industry insiders, who expressed concerns about the future of Ordinals. Some analysts pointed out that this sharp drop in trading volume may mean that Ordinals is facing severe challenges and needs to take timely measures to reverse the situation.

There are various speculations in the market about the reasons for the plunge in Ordinals' trading volume. Some people believe that there are problems with the NFT function, which has led to a decline in investor confidence, which in turn affected trading volume. Others believe that this may be the result of market fluctuations, and more data is needed to interpret the truth behind it. However, regardless of the reason, this incident has caused quite a stir in the blockchain field and has caused people to rethink digital assets.

2. Developers refuted the wrong data

Faced with the doubts raised by the plunge in Ordinals' trading volume, the developers strongly refuted it. They pointed out that there may be errors in the market data, which has led to misunderstandings and unfair evaluations of Ordinals. According to them, the actual situation may not be as severe as it seems on the surface, and more comprehensive data and information are needed for objective analysis.

The developers also emphasized that Ordinals, as an innovative digital asset, is unique in both technology and function. They are confident in the stability and future development of the NFT function, and believe that this feature will bring Ordinals a broader market space and development opportunities. Therefore, the developers called on investors and observers to remain rational, not to be misled by superficial data, and to look at the development prospects of Ordinals rationally.

3. New trend of blockchain? Explore the future development of Ordinals

Faced with the current situation of Ordinals' declining trading volume, people began to wonder whether this means that the blockchain industry is ushering in a new trend. Some experts believe that this incident may be a reshuffle experienced by the digital asset market, which will prompt the industry to pay more attention to technological innovation and risk management. For Ordinals, this may be a time to re-examine its own positioning and development strategy.

As blockchain technology continues to evolve, Ordinals, as a new type of digital asset, has great development potential. The advantages and uniqueness of its NFT function may become a highlight in the future, attracting more investors and users. However, to achieve this goal, Ordinals needs to continuously improve its own technical system, enhance user experience, and establish a good brand image in order to stand out in the fierce market competition.

IV. Conclusion

In the wave of the digital currency market, the plunge in Ordinals' trading volume has caused a lot of speculation and doubts. However, the firm belief of developers and the industry's expectations for Ordinals may bring a new turn for this digital asset. No matter what ups and downs it has experienced, the development of blockchain technology has never stopped, and Ordinals may be just a microcosm of this change. Let us wait and see and witness a new chapter in the blockchain world.

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Coin Circle (120Btc.com) News: This year (2023), the Bitcoin ecosystem has ushered in an explosion. From Ordinals at the beginning of the year to BRC-20 later, they have become major hot spots in the currency circle. The increase in usage has also caused serious congestion in the Bitcoin network, and the miners' income has reached a two-year high.

Ordinals transaction volume fell by more than 97%

However, as Bitcoin's fluctuations in July and August hit a record low since 2016, and last week it ushered in the biggest drop this year. A data shows that the popularity of Ordinals is disappearing.

According to the DappRadar report, the monthly transaction volume of the Bitcoin Ordinals protocol peaked at US$452 million in May this year, and then began to decline month by month:

 In June, the transaction volume fell 76.5% month-on-month to US$106 million

 In July, the transaction volume fell 66.9% month-on-month to US$35 million

 From mid-August, the transaction volume was only US$3 million, a decline of more than 97% compared with May.

Ordinals transaction volume and sales

Another data also shows that the number of active wallets for Bitcoin is decreasing significantly. In May, the number of unique active wallets (UAW) participating in the Ordinals market was 79,261, while now (August) there are only 6,708.

DappRadar concluded in the report that the sharp decline in Ordinals' transaction volume and the downward trend of the overall NFT market have raised important questions about the future of Bitcoin NFT.

"Although it is not appropriate to completely deny Bitcoin Ordinals now, the market data reflects the warning signs of volatility and unpredictability in the NFT field. Many people in the community believe that Bitcoin and Ethereum have different uses and should perhaps be more clearly divided. The next few months will be a critical period to determine whether Bitcoin can gain a foothold in the evolving NFT field or return to its main role as a store of value."

Ordinals UAW dropped sharply

Ordinals developer: Most transactions are still related to Ordinals

However, for the recent community rumors that "Ordinals may die", Ordinals developer Leonidas also jumped out to refute earlier. Bitcoin has 530,788 transactions in the past 24 hours, of which 450,785 transactions are related to Ordinals. He said: When everyone claims that "Ordinals are dead", they actually account for 84.9% of Bitcoin network activity.

Another Bitcoin community member, trevor.btc, pointed out that in fact, the data reported by DappRadar is not accurate. The actual number is not 97% but about 67%.

In short, although the transaction volume of Ordinals is still declining, in the view of community developers and members, the sharp drop in Ordinals transactions is mainly due to the overall environment and the sharp drop in Bitcoin, while the majority of transactions on the Bitcoin network are still related to Ordinals, proving that Bitcoin NFT, as a new type of asset, does not see too much risk.

trevor.btc believes that DappRadar data is inaccurate