The inscriptions are definitely increasing the floor price. I don’t yet have a feel for how big that effect is yet, but there are a bunch of extra transactions waiting at the low end. But when the price blows out during US business hours it seems like it’s mostly non-inscription traffic.

I’m still waiting for my data collection script to finish running so I can’t back this up with any quality stats yet, but I have a gut feeling that inscriptions aren’t the main source of high fees. They are just helping to push things higher when people get impatient.