After the release of the BRC-69 token standard,musk coin price prediction activity surrounding Bitcoin Ordinals has increased. This is a method of generating Bitcoin non-fungible tokens (BTC NFTs) through a process called "inscription". 

According to data tracked by blockchain analytics company Glassnode, the number of new inscriptions surpassed 350,000 on Monday.

So far, BRC-69 seems to have delivered on its promises. Ordinal fees remain low, significantly lower than the peak in May. According to data tracked by Dune Analytics, while the number of new inscriptions has surged, the daily inscription fees have remained stagnant.

Ordinals fees, Source: Dune.

Ordinals launched in January this year, introducing narratives of NFTs and smart contracts to the Bitcoin blockchain and sparking investor interest in tokens like ORDI, STX, MEME, and others.

According to Glassnode data, the ordinal craze can be divided into two waves. The first wave was characterized by image-based inscriptions and occurred between early February and the end of April. The second wave, starting in May, was led by text-based inscriptions that were offered at high prices but for free.

Since Luminex announced the Bitcoin (BTC) consultation for the BRC-69 token standard on July 3rd, the daily trading volume of Ordinals has surged by over 250%. An updated version of the BRC-20 standard was introduced, reducing the inscription cost of ordinals by over 90%.

In a tweet, Luminex stated, "With BRC-69, we can reduce the inscription cost of ordinal collectibles by over 90%. This reduction is achieved through four steps: (1) adding traits, (2) deploying collections, (3) compiling collections, and (4) minting assets."

Additionally, Luminex added, "What makes BRC-69 exceptional is its simplicity. Miners only need to add a single line of text instead of a complete image. This text allows the final image to be automatically rendered on the front end of all ordinals, utilizing on-chain resources only, thanks to recursive inscriptions."