The market capitalization of BRC-20 tokens has increased recently as traders drive up the price of Bitcoin-based ORDI, MEME, and other cryptocurrencies.
Bitcoin BRC-20 Tokens Near $1B Market Cap
Meme token fever is raging across Bitcoin as the market cap of tokens built on top of the blockchain of the most popular cryptocurrency exceeded $1 billion on May 8 following the listing of ORDI, the very first such token, on major exchanges.
Data from Brc-20.io
The market valuation of all BRC-20 tokens as of this writing is around $604,801,146, according to brc-20.io, which monitors the developing market for tokens created on the Bitcoin network. Over the past few days, the market’s value and the number of tokens in circulation have both increased.
What is BRC-20 Tokens?
Abbreviation for “Bitcoin Request for Comment,” BRC-20 is an experimental framework for creating fungible tokens on Bitcoin utilizing Ordinals, the protocol that allows users to create inscriptions, which are NFT-like assets on Bitcoin.
The BRC-20 token has been around for two months. Domo, a pseudonymous on-chain data enthusiast, invented them. Domo was inspired by Ethereum’s ERC-20 token standard when he created the ORDI token on March 8.
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