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The world of cryptocurrency is currently abuzz with excitement as meme tokens built on the Bitcoin blockchain approach a combined market cap of $1 billion. This development comes after the listing of ORDI, the first BRC-20 token, on some of the most prominent cryptocurrency exchanges.
Data from brc-20.io, which monitors the emerging market of tokens created on the Bitcoin blockchain, shows that the current combined market cap for all BRC-20 tokens is around $991 million. The market has experienced significant growth in value and circulating tokens in recent days.
BRC-20 is an experimental framework that allows the creation of fungible tokens on the Bitcoin blockchain using the Ordinals protocol. Ordinals enable users to mint NFT-like assets on Bitcoin called inscriptions.
About two months ago, Domo, an anonymous on-chain data enthusiast, introduced BRC-20 tokens, drawing inspiration from Ethereum's ERC-20 token standard. Domo launched a token called ORDI on March 8, and since then, its market cap has risen to approximately $400 million, according to brc-20.io.
Monday saw the listing of ORDI for trading on Crypto.com and Gate.io, indicating that the experimental token is gaining wider acceptance on cryptocurrency exchanges. At the time of writing, ORDI was priced at $18.50 on Gate.io, down from its peak of $29.58 earlier in the day. However, this current price signifies a significant increase from just a week ago when ORDI traded at $3.78 on May 1.
The constant fluctuations in the prices of BRC-20 tokens show the experimental nature of the Ordinals space. Text-based inscriptions, used for creating and trading these tokens, become more prevalent as image-based inscriptions lose ground. Data from Dune reveals that over 399,000 inscriptions were text-based, while only 20 were image-based.
The increasing popularity of BRC-20 tokens has had a noticeable impact on Bitcoin transactions. On Sunday, approximately 65% of Bitcoin transactions were related to BRC-20 tokens, as reported by a Dune dashboard. As a result, leading crypto exchange Binance temporarily suspended Bitcoin withdrawals due to network congestion.
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