<p>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!</p><h2 id="header-0">Bitcoin Frogs: The New Frogs on the Blockchain</h2><p>Bitcoin Frogs, a collection of unique frog-inspired <a href="https://nftandgamefi.com/2022/02/05/understanding-nfts-everything-you-need-to-know-before-buying/" rel="noopener noreferrer nofollow">NFTs</a>, 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.</p><p><img src="https://i0.wp.com/nftandgamefi.com/wp-content/uploads/2023/05/image-15.png?resize&#61;576%2C576&amp;ssl&#61;1" /></p><p>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.</p><p>Read also: <a href="https://nftandgamefi.com/2023/02/01/nft-art-market/" rel="noopener noreferrer nofollow">The NFT impact: conventional and digital art</a></p><h2 id="header-1">Froggy vs Apes: A Comparison</h2><p>The trading volumes for Bitcoin Frogs were spread across 627 individual transactions, a stark contrast to <a href="https://nftandgamefi.com/2022/07/26/what-is-bored-ape-yacht-club/" rel="noopener noreferrer nofollow">Bored Apes</a>, which saw just over 11 transactions, albeit at a significantly higher price of over $83,000 per NFT.</p><h2 id="header-2">Bitcoin NFTs: Gaining Prominence</h2><p>The prominence of NFTs issued directly on Bitcoin has skyrocketed following the launch of the <a href="https://nftandgamefi.com/2023/04/17/bitcoin-ordinals-explained/" rel="noopener noreferrer nofollow">Ordinals Protocol</a> 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.</p><p>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.</p><h3 id="another-frog-in-the-pond-pepe-token">Another Frog in the Pond: Pepe Token</h3><p>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.</p><p>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.</p><p>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 <a href="https://nftandgamefi.com/2023/04/14/conflux-to-bring-uniswap-v3-and-curve-to-chinas-public-blockchain/" rel="noopener noreferrer nofollow">Uniswap</a> 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.</p><p><img src="https://i0.wp.com/nftandgamefi.com/wp-content/uploads/2023/05/image-18.png?resize&#61;1024%2C779&amp;ssl&#61;1" /><em>Source: Dune</em></p><p>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.</p><p>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.</p><p>Read the full article: <a href="https://nftandgamefi.com/2023/05/18/bitcoin-frogs-nft-news/" rel="noopener noreferrer nofollow">Bitcoin Frogs Leap to the Top: The Most Traded NFT in 24 Hours!</a></p>

Bitcoin Frogs Leap to the Top: The Most Traded NFT in 24 Hours!

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