• BRC-20 tokens are an experimental token standard on the Bitcoin blockchain that uses the Bitcoin Ordinals Protocol.
• Since early March, BRC-20 tokens have gained over $120 million in market cap and 600% growth in two weeks.
• The appeal of meme coins is derived from their promise of high returns without visible effort.
Bitcoin-Based Ordinals Explode In Market Cap
BRC-20 tokens are an experimental token standard on the Bitcoin blockchain that uses the Bitcoin Ordinals Protocol. As of May 3, the number of transactions using the BRC-20 tokens exploded to nearly 2.4 million, peaking on May 1 at over 366,000. Additionally, total fees paid approached 110 BTC.
Meme Coin Attention Grows
Originally, Bitcoin Ordinals first came about in Jan 2023 and quickly gained an audience; however there were conflicting opinions regarding the concept due to it “mismanaging” the Bitcoin blockchain. Then BRC-20 tokens came along in early March and as of May 3, there are over 8500 BRC-20 tokens with meme coins making up a majority of them. Moreover, they have gained over $120 million in market cap since early March and 600% growth in two weeks.
Meme Coins & High Returns
The creator warned that these tokens would be worthless; however one particular token named Ordi reached $4 per unit – providing astronomical returns to those who mined it initially – solidifying its place amongst meme coins. These meme coins generally appeal to people due to their promise of high returns without any visible effort requirement by users which has made them popular amongst users seeking quick returns on investment with minimal effort or risk involved.
Warning From Creator
The creator of BRC-20s commented that “anyone can deploy, mint or transfer” these tokens using ordinal inscriptions; however he also warned that this should not be considered THE standard for fungibility on Bitcoin with ordinals as there could be better design choices and optimization improvements available for users to make use off instead.
Conclusion:
In conclusion, although originally controversial due to ‘mismanaging’ bitcoin blockchain – BRC-20s have been gaining huge traction since their launch in March 2023 with massive gains being seen by those investing into these meme coins due to their promise of high returns without much effort or risk involved by users seeking quick returns on investment