Bitcoin Frogs Make Waves: $7.5 Million in Sales and Soaring Transaction Volumes

‍Bitcoin Frogs, a recently introduced collection of non-fungible tokens (NFTs), minted on the Bitcoin network, has emerged as the most actively traded collection within the last 24 hours, surpassing well-known collections like Bored Apes.

According to data from CryptoSlam, the Bitcoin-based NFT series has generated a transaction volume exceeding $2 million, experiencing a surge of over 70% in transactions over a 24-hour period. In the past week alone, Bitcoin Frogs achieved total sales of $4.8 million, bringing the collection's overall sales volume to $7.5 million at the time of writing.

Reports indicate that traders of Bitcoin Frogs are paying fees ranging from $50 to approximately $1,200 to acquire a piece of this immutable digital collection. One specific Bitcoin Frog, identified as #5558, recently sold for 0.3009 bitcoin, equivalent to roughly $8,200 at the time of the sale.

The Bitcoin Frogs collection was launched on March 8th on the Bitcoin Ordinals network and was initially distributed for free on a first-come, first-served basis. The current minimum price for a Bitcoin Frogs NFT stands at 0.12 BTC, or around $26,580.

Since the introduction of the Ordinals Protocol earlier this year, Bitcoin NFTs have gained significant popularity. This protocol enables users to embed data onto the Bitcoin blockchain through a process called inscription. As of early this month, more than 3 million inscriptions have been created on individual Satoshis.

While these inscriptions have led to a two-year high in Bitcoin fees and faced criticism from Bitcoin purists, they are proving to be popular and offer additional functionality to the Bitcoin network.