Surge in Ordinal Inscriptions Ignites Exponential Growth in BRC20 Token Economy

0 8

knife

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.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,127.25
ethereum
Ethereum (ETH) $ 3,516.27
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.35
solana
Solana (SOL) $ 184.20
staked-ether
Lido Staked Ether (STETH) $ 3,516.50
usd-coin
USDC (USDC) $ 0.999987
xrp
XRP (XRP) $ 0.600943
dogecoin
Dogecoin (DOGE) $ 0.140045
the-open-network
Toncoin (TON) $ 7.14
cardano
Cardano (ADA) $ 0.438246
avalanche-2
Avalanche (AVAX) $ 32.63
tron
TRON (TRX) $ 0.13444
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,068.24
chainlink
Chainlink (LINK) $ 14.84
polkadot
Polkadot (DOT) $ 6.41
bitcoin-cash
Bitcoin Cash (BCH) $ 398.38
near
NEAR Protocol (NEAR) $ 6.30
uniswap
Uniswap (UNI) $ 8.07
litecoin
Litecoin (LTC) $ 73.53
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,643.91
matic-network
Polygon (MATIC) $ 0.546705
internet-computer
Internet Computer (ICP) $ 10.70
kaspa
Kaspa (KAS) $ 0.178958
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.49
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105703
monero
Monero (XMR) $ 163.93
blockstack
Stacks (STX) $ 1.97
mantle
Mantle (MNT) $ 0.87804
render-token
Render (RNDR) $ 7.21
dogwifcoin
dogwifhat (WIF) $ 2.81
filecoin
Filecoin (FIL) $ 4.77
injective-protocol
Injective (INJ) $ 27.95
arbitrum
Arbitrum (ARB) $ 0.798878
hedera-hashgraph
Hedera (HBAR) $ 0.074266
maker
Maker (MKR) $ 2,858.83
immutable-x
Immutable (IMX) $ 1.68
crypto-com-chain
Cronos (CRO) $ 0.095402
okb
OKB (OKB) $ 42.32
cosmos
Cosmos Hub (ATOM) $ 6.50
vechain
VeChain (VET) $ 0.030693
bittensor
Bittensor (TAO) $ 349.04
bonk
Bonk (BONK) $ 0.000034
arweave
Arweave (AR) $ 34.14
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.850766
the-graph
The Graph (GRT) $ 0.220197
floki
FLOKI (FLOKI) $ 0.000208
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,921.05
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,558.98
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,656.05
lido-dao
Lido DAO (LDO) $ 1.94
theta-token
Theta Network (THETA) $ 1.66
notcoin
Notcoin (NOT) $ 0.016044
thorchain
THORChain (RUNE) $ 4.88
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.10
fantom
Fantom (FTM) $ 0.540299
coredaoorg
Core (CORE) $ 1.66
jasmycoin
JasmyCoin (JASMY) $ 0.030415
aave
Aave (AAVE) $ 98.76
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.143331
celestia
Celestia (TIA) $ 6.72
pyth-network
Pyth Network (PYTH) $ 0.367838
algorand
Algorand (ALGO) $ 0.159438
sei-network
Sei (SEI) $ 0.392304
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,477.66
mantra-dao
MANTRA (OM) $ 1.35
quant-network
Quant (QNT) $ 76.36
gatechain-token
Gate (GT) $ 7.83
elrond-erd-2
MultiversX (EGLD) $ 36.66
flow
Flow (FLOW) $ 0.651946
beam-2
Beam (BEAM) $ 0.01956
msol
Marinade Staked SOL (MSOL) $ 221.37
gala
GALA (GALA) $ 0.02644
kucoin-shares
KuCoin (KCS) $ 10.02
axie-infinity
Axie Infinity (AXS) $ 6.42
bitcoin-sv
Bitcoin SV (BSV) $ 47.67
popcat
Popcat (POPCAT) $ 0.948735
eos
EOS (EOS) $ 0.611879
flare-networks
Flare (FLR) $ 0.020196
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,548.24
tokenize-xchange
Tokenize Xchange (TKX) $ 11.06
ethereum-name-service
Ethereum Name Service (ENS) $ 26.87
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090474241
mog-coin
Mog Coin (MOG) $ 0.000002
ordinals
ORDI (ORDI) $ 41.40
akash-network
Akash Network (AKT) $ 3.53
neo
NEO (NEO) $ 12.05