Since May 2023, the monthly trading volume of tokens based on the Bitcoin Ordinals protocol has fallen sharply by more than 97% since peaking at $452 million in May 2023.
Ordinals trading volumes plunged 76.5% in June to $106 million, the report said. Transaction volume in July fell 66.9% month-on-month to $35 million.
From mid-August, the volume was only $3 million. That represents a drop of more than 97% since its all-time high in May.
At the time of the highest market interest in May, 79,261 unique active wallets (UAW) participated in the Ordinals marketplace, DappRadar reported. That number had fallen to 6,708 in August.