The Inscriptions Hype Continues to Grow in the Crypto Market
Inscriptions hype continues to grow and this sector has already reached incredible sizes. These experimental data files were thought to be a temporary fad when they first appeared with the use of a protocol called Ordinals at the beginning of 2023. However, the use of Inscriptions has opened the doors to another process for the crypto market.
The Growing Allure of Inscriptions
Despite being rejected by Bitcoin investors like Jimmy Song and condemned by long-time developer Luke Dashjr, the allure towards the Inscriptions industry is greater than ever. The total market size for Bitcoin Inscriptions tokens has reached $1.5 billion.
ORDI, the biggest of these projects, constitutes a large part of this valuation with a market cap of $1 billion. Following fundamental cryptocurrencies like Dogecoin and Shiba Inu, ORDI is the fourth-largest memecoin project. This week, a fund consisting of various crypto assets, including Ethereum, worth $106 million, has been invested in Bitcoin Cats, an as-yet-unreleased NFT game based on the Ordinals Inscriptions craze.
This development further highlights the growing appetite among investors for this emerging crypto market. In May, many Bitcoin investors like Song claimed that the Ordinals Inscriptions craze would eventually run out. However, contrary to this belief, the opposite has continued to happen over the past seven months. The Bitcoin Cats fundraising event, which ended on December 19, received 150 times more demand from investors, demonstrating a strong appetite for high-risk crypto ventures.
