The newly-launched Bitcoin Frogs NFT has become the most traded NFT collection in the last 24 hours, having even surpassed the blue-chip Bored Ape Yacht Club (BAYC). This event marked a significant achievement for the Ordinals market.
Launched in February 2023, Bitcoin Frogs is a collection of 10,000 items minted directly on the Bitcoin blockchain. Each frog has unique attributes, such as color, hat, and background.
According to the data from CryptoSlam, the collection generated more than $2 million in trading volume from nearly 700 transactions in the last 24 hours, while Bored Apes recorded $1.2 million from 13 transactions.
In May alone, Bitcoin Frogs reached $5.9 million in trading volume, significantly increasing from the $52,000 it generated during the previous month. With the surging trend, chances are high that Bitcoin Frogs may continue to experience increased trading volume in the coming months.
Bitcoin Frogs is currently trading at an average price of 0.12 BTC, the equivalent of $3,200. According to CryptoSlam, traders pay $50 to $1,200 in fees for the collection at the time of writing.
Bitcoin Frogs' success can be attributed to several factors, including its 'free-to-mint' approach, unique art style, and strong community. The free-to-mint system made Bitcoin Frogs accessible to a wide range of investors, encouraging them to collect as many frogs as possible, leading to high engagement and excitement around the project.
Overall, the Bitcoin Frogs NFT collection has also benefited from renewed interest in NFTs. As more people join the realm, they seek new and growing projects to invest in. Bitcoin Frogs fall under the category of developing projects that have all chances to reach the top.