- Crypto analyst posted that the Ordinals inscription fees is on the rise
- Dune analytics revealed that $127k has been spent on inscribing Ordinals on the BTC blockchain.
- The analyst said that Prdinals is the biggest mempool backlog after FTX and 3AC downfall.
Twitter crypto analyst Data Always shared that the spending to inscribe Ordinals is on the rise. According to an image she shared detailing Bitcoin Fees Paid To Inscribe Ordinals from Dune analytics, it was recorded that over $127,000 was spent to inscribe Ordinals on the blockchain.
The account stated that Ordinals is the biggest mempool backlog since FTX and 3AC collapses, and added: Still only 12% of total fees and 0.3% of the subsidy, but the rise remains exponential.
Moreover, according to the analyst, the fees on the cheap end of the spectrum have been “pretty inelastic” with usage which is starting to pick up today. Nevertheless, Ordinals currently aren’t pricing out even low fee transfers, however, Data Always says she doesn’t think this would last long.
Meanwhile, she mentions that the Mempool data is “really striking,” with growing 1 sat/vB transactions. The Twitter account continues that if this is a new era then the mempool is never going to clear which would show that bitcoin blockspace still has some level of value. “Frankly it hasn’t had sustained value in years,” claims the crypto influencer.
Additionally, Data Always claims that Ordinals become harder to track on Dune analytics as the days grow because the fee market is currently building. Hence, a small share of Ordinals is missed in the data. However, she says that every block is starting to have over 30 protocol per block on average now.
The analyst highlights that there are very few blocks left empty now due to the mempool backup. Even if users wanted to exclude inscriptions as a miner, they would still be mining full blocks. While the variance in size has not dropped dramatically, the fee variance remains very high, and the analyst predicts that it will continue to do so.
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