Why is BitCat, whose 24-hour trading volume surpasses all NFTs on the Ethereum blockchain, so popular?
Why is BitCat so popular despite all the other NFTs on the Ethereum blockchain?
Bitcoin NFT “Bitcoin Frogs” had its single-day 24-hour trading volume surpass all Ethereum-based NFTs, including BAYC, for the first time on May 18th. Crypto KOL CielC.eth examined the trend of Bitcoin Frogs’ trading data over the past 30 days and summarized four reasons why Bitcoin Frogs have become popular.
According to CryptoSlam’s data on the top 100 NFT projects by trading volume, BitFrog ranks 15th in 30-day trading volume (with $9.18 million, compared to BAYC’s $43.61 million) and 4th in 7-day trading volume (with $6.44 million, compared to BAYC’s $8.15 million). It is clear that BitFrog’s relative trading volume compared to the head NFT BAYC on Ethereum is rapidly increasing, with the gap narrowing. Recently, a BitFrog (#5558) was sold for 0.301 BTC, close to $8,200, setting a new trading high. Currently, the floor price of BitFrog is 0.092 BTC.
Basic project information:
– Project launch time: end of February 2023;
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– Historical price: 0.01 BTC (about $300);
– Minting method: free minting, all open, no roadmap/utility;
– Graphic design: each frog has different attributes and features such as color, eyes, hat, clothing, etc.;
– Supply: 10,000.
I believe there are four reasons for BitFrog’s success: 1. The emerging vitality of the Ordinals ecosystem. BitFrog is one of the first NFT projects on the Bitcoin chain, which has attracted great attention and popularity; 2. The new gameplay of rare Cong. The rarity of each NFT is not only related to its basic attributes, such as appearance, color, background, clothing, etc., but also to the rarity of the Cong inscription corresponding to its NFT; 3. The popularity of PEPE. BitFrog is based on the PEPE theme. Although the project does not seem to have a solid fundamental background, the hype and fun are indeed here; 4. Community. BitFrog has a huge Ordinals community and Chinese BitFrog community behind it.
Reference: https://twitter.com/cielcnft/status/1660601163023286272
