Insights

Bitcoin Inscriptions surge: 200k created in one day – yet demand remains minimal

Quick Take

  • CryptoSlate recently reported that Inscriptions passed the one million milestone.
  • A new record was set for the biggest one-day count for Inscriptions — roughly 200,000 Inscriptions were created on April 23.
  • However, the mempool was fully cleared at block 786551 — showing the demand for Inscriptions isn’t there.
  • Doing a deep dive into this, it seems that the count is coming primarily from text and not representative of images. It appears the new craze is flooding Inscriptions as texts.
Inscriptions: (Source: Glassnode)
Inscriptions: (Source: Glassnode)
Mempool: (Source: Mempool.Space)
Mempool: (Source: Mempool.Space)
Inscription Text: (Source: Ordinals.com)

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