In a surprising leap, Bitcoin Frogs – a frog-themed NFT collection – has become the most traded NFT in the past 24 hours. Bypassing other major players such as Bored Apes, the newly launched collection stirred up a trading storm with a total value of over $2 million exchanged!
Bitcoin Frogs: The New Frogs on the Blockchain
Bitcoin Frogs, a collection of unique frog-inspired NFTs, launched late February on Bitcoin Ordinals, has jumped to the top of the trading chart. In a single day, the trading volume hit over $2.2 million according to data from CryptoSlam. It’s a big pond out there, but these 10,000 frog collectibles, all minted on the Bitcoin Blockchain, are definitely making a splash.
At the time of writing, the price for each froggy NFT stands at 0.12 Bitcoin, or over $3,200. However, it’s not just the price of the NFT to consider. Trading fees can range from $50 to over $1,200, showing that even in the world of digital assets, nothing comes free.
Read also: The NFT impact: conventional and digital art
Froggy vs Apes: A Comparison
The trading volumes for Bitcoin Frogs were spread across 627 individual transactions, a stark contrast to Bored Apes, which saw just over 11 transactions, albeit at a significantly higher price of over $83,000 per NFT.
Bitcoin NFTs: Gaining Prominence
The prominence of NFTs issued directly on Bitcoin has skyrocketed following the launch of the Ordinals Protocol earlier this year. This clever system enables users to embed data onto the Bitcoin blockchain by writing references to digital art into smaller bitcoin transactions, a method they’ve named as Ordinals “inscriptions”. This nifty feature hit the 3 million mark earlier this month.
Such fervent demand has resulted in a surge in Bitcoin fees, reaching two-year highs. This has not only raised eyebrows but also ignited debate within the Bitcoin community. As Bitcoin Frogs keep leaping, the conversations continue to heat up.
Another Frog in the Pond: Pepe Token
However, our Bitcoin Frogs aren’t the only amphibians making waves in the crypto scene. Over the past couple of weeks, a different frog has hopped into the spotlight. Meet the Pepe (PEPE) token, a meme coin that’s captured the crypto world’s attention.
With its quirky charm, this coin managed to gulp down a massive 5,300 ETH (around $10 million) in gas fees alone in just three short weeks. This whopping amount of gas guzzled by a meme coin certainly raised eyebrows and led to questions about its influence on the Ethereum network, as well as the wider crypto market.
Pepe’s antics don’t stop at just being a popular meme coin. When we peek at data from DuneAnalytics, we see something pretty wild. A whopping 413,283 PEPE Uniswap transactions were checked out, and boy, were they guzzling down gas! This is mainly because more folks are using the Ethereum network, and let’s not forget those growing transaction fees. Even with recent tweaks to Ethereum’s fee structure, the network’s still huffing and puffing to scale up effectively.
You might think that PEPE’s appetite for the Ethereum network’s resources is a bit of a downer. After all, these resources could be used elsewhere, right? The mega gas consumption could put a strain on the network, slowing down transactions and bumping up fees for everyone else. Plus, having a coin as unpredictable and risky as PEPE around could make some folks think the market’s not mature or stable enough.
But hey, it’s not all bad news. The big surge in PEPE’s popularity also means transaction fees are going through the roof, and guess what? That means validators are pocketing more revenue. The extra cash could tempt more validators to hop onto the network, which could beef up its overall security and stability. So, while PEPE’s massive gas consumption definitely has a big impact on the Ethereum network, it’s important to think about both sides of the story.
The Unstoppable Force of Memes in Crypto
Pepe, that cheeky frog meme, is arguably one of the internet’s most legendary memes, backed by a community of dedicated followers that dates back years. Who’s the biggest Pepe fanboy or fangirl? Well, that’s tough to say. But let’s just say that anyone who’s hung out on Reddit or posted a cute Shiba Inu meme likely knows a thing or two about Pepe.
So, when Pepe coin was launched, no one was really that shocked when it took off like a rocket. It was perfectly designed to capture the hearts (and wallets) of a huge anonymous crowd of seasoned crypto investors, many of whom had already made a pretty penny off other meme coins.
The reaction to Pepe coin from the crypto whales (aka big-time investors) has been a mixed bag. Some whales quickly gobbled up $10M USD worth of tokens, hoarding 7% of the PEPE supply just a week after it was launched. They even controlled about a third of its market liquidity as the initial rally kicked off.
A whopping 30 “smart wallets” (think big players who trade frequently) swooped in and bought a million bucks worth of the new coin at the start of its rally, based on data from the Nansen Ethereum blockchain. And when the price took a tumble last week, a few savvy whales cashed in some profits. But it wasn’t all sell-offs; three crypto whales were seen splurging $4 million on PEPE, as per Lookonchain.
And who could forget the ever-present Elon Musk, CEO of Tesla and SpaceX and Dogecoin cheerleader? He gave PEPE a boost just this Saturday with a tweet featuring a meme of Pepe “Explaining constitutional amendments”. The meme showed two images of the frog, one as a super adorable meme enthusiast and the other as a modern-day battlefield soldier. Talk about meme power!
Concluding Thoughts: Hop, Skip, and a Jump into the Future
As we’ve seen, the crypto-pond is teeming with new players, and amphibious mascots like Bitcoin Frogs and Pepe Coin have been making quite a splash. These digital frogs have shown how memes and community can drive the value and popularity of cryptocurrencies.
The future of these coins is tied to several factors. Their communities’ passion, overall crypto market trends, regulatory changes, potential use cases, and general public perception all play pivotal roles in determining their path forward. And as the conversation around the environmental impact of cryptocurrencies grows louder, these tokens, like the rest of the crypto market, will need to leap towards more sustainable practices.
It’s also worth noting that big players in the market and influential figures like Elon Musk can boost these coins into the limelight with just a tweet. But remember, the world of cryptocurrencies is a volatile one, filled with both potential rewards and risks.
As we continue to observe the evolution of Bitcoin Frogs and Pepe Coin, it’s clear that one thing is for sure – the crypto landscape is always evolving, always interesting, and undoubtedly, full of surprises. Whether you’re a seasoned investor or a curious onlooker, keep your eyes on these frogs; their next leap might just redefine the crypto space!