Bitcoin Frog NFT collection surpassed popular NFT collections, including Bored Apes Yacht Club and CryptoPunks. It was the leading NFT collection in terms of sales for a 24-hour period on Wednesday. The BRC-20 memecoin project describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” As of now, 3,700 frogs have owners, and hundreds are already for sale on NFT marketplaces.
According to CryptoSlam, the aggregator of on-chain NFT analytics, Bitcoin Frogs’ sales reached a trading volume of over $2.2 million for the day. This value placed Bitcoin Frogs in the number one spot for Wednesday, May 17th. The average price for Bitcoin Frogs was 0.12 BTC ($3,200 USD). In comparison, Bored Apes Yacht Club had an average sale price of around $83,000.
The Pepe-inspired boom has been driving frog meme crypto and Bitcoin ordinal NFTs demand. Two separate meme coin manias have converged to drive the high demand for Bitcoin Frogs. The first one is the frog craze inspired by the meteoric rise of PEPE coin at the beginning of the month. The second trend is the Bitcoin ordinals trend starting in January. Bitcoin ordinals inscriptions hit the 5 million milestone, and the number of BRC-20 tokens issued doubled in a week’s time and set the new record. Frogs are being picked up from NFT marketplaces like Magic Eden and Ordinals Wallet.
Generative AI is included in the latest features of cute frog meme ordinals, producing unique properties in each mint, bringing the artistry of smart contract minting to the Bitcoin blockchain. Though the mint was calibrated to maintain some fungibility among the frog, according to the project, “Rarities of all traits within each layer are equal, allowing subjective appreciation of aesthetics and satoshi-based rarities to emerge.”
Quotes:
“The gecko that sells insurance might be worrying these days about losing his job to Pepe the Frog.”
Some of the BAYC sellers may have even been cashing out to buy PEPE Coin in the meanwhile. There’s been a lot of that going on during this season of Pepe fever.”
Sources:
CryptoSlam
PEPE Coin
Magic Eden
Ordinals Wallet
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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