Surge in Ordinal Inscriptions Ignites Exponential Growth in…
Over the past four days, there has been a surge in Ordinal inscriptions, and as a result, the BRC20 token economy has experienced significant growth with over 10,000 additional coins. The current value of the BRC20 token economy now stands at $497.75 million, comprising a total of 24,677 distinct tokens.
Bitcoin Users Issued More Than 10,000 New BRC20 Tokens In a Permissionless Fashion in 4 Days
Bitcoin is embracing functionalities that were previously synonymous with the Ethereum blockchain, such as the innovation of new tokens and the generation of non-fungible token assets. As the clock struck 10:43 a.m. Eastern Time on Tuesday, May 16, the BRC20 token economy achieved an impressive valuation of $497.75 million.
Archived records indicate that the collective market capitalization of its 24,677 distinct digital tokens has soared 16.56%, surpassing the $427 million mark observed just four days earlier.
As of now, the largest market valuation in the BRC20 token realm is commanded by the ordi (ORDI) token, which stands at $342 million. Each ORDI is currently being traded at $16.31, although it may not hold the title of the highest-valued coin per unit.
The MEME token, valued at $94.68 per coin, and the OSHI token, valued at $477.50 per unit, surpass ORDI in individual worth. However, both MEME and OSHI have considerably smaller supplies compared to the abundance of ORDI (21M), making them more scarce.
Parallel Surges: BRC20 Transactions and Bitcoin’s Backlog Converge
In the world of BRC20 tokens, PUNK token boasts a value of $243 per coin, and the token called GOLD holds a trading price of $19.82 per unit. Over the last 24 hours, a total of $206,705,219 in BRC20 trade volume has been generated, with ORDI trades accounting for $197.88 million of that sum.
The remaining BRC20 token markets observe trade volumes of $930,485 or even less during the same time frame. According to data from Dune Analytics, 5,906,735 BRC20 transactions have been successfully processed onchain.
Just like the spike in Ordinal inscriptions witnessed on May 7, a parallel surge in transaction fees for deploying, minting, and transferring BRC20s coincided with the Bitcoin network’s backlog of unconfirmed transactions. The frenzied BRC20 activity occurred on May 7 and 8, 2023.
Interestingly, BRC20s face a similar controversy, stemming from the fact that they emerge from the same technological foundations. Bitcoin maximalists vehemently oppose both Ordinal inscriptions and BRC20s, wishing to confine Bitcoin’s blockchain to solely financial transactions. However, the wider market seems to embrace the trend, demanding its continuation and growth.
What are your thoughts on the evolving landscape of BRC20 tokens and their impact on the wider cryptocurrency market? Let us know your insights and opinions in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, brc-20.io
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.