BRC-20 Hype Dominates Crypto Market

BRC-20, the standard token on the Bitcoin (BTC) blockchain, crossed $6 Billion in marketcap within a few months of its launch, according to Coinranking.

With a market capitalization of $5.26 billion, the Shiba Inu meme coin has a dominance of 84.3%. Pepe meme coin comes in second with around $750 million in market capitalization. In addition to these two tokens, more than 14,000 other BRC-20 tokens have been issued, with the most popular being ORDI, PIZA, MEME, MOON, PUNK, DOMO, OSHI, XING, and SHIB. 

BRC-20 uses the Ordinals protocol to create fungible tokens. BRC-20 tokens, however, do not use smart contracts. For minting and trading tokens, you must have a Bitcoin wallet. 

Furthermore, recent activities contributed to the recent rise of transaction fees for miners along with the market cap. Transaction fees on Bitcoin (BTC) rose to their highest level in two years amid growing interest in the Ordinals protocol and demand for BRC-2O tokens.

According to data from YCharts, BTC transaction fees have risen to $19.21 for the first time in two years on May 7. Transaction fees on BTC's blockchain have not climbed so high since April 2021, when they soared to $62.

The surge in meme tokens issued on the Bitcoin network, as well as the sharp rise in Ordinals activity, seem to be contributing to exorbitant transaction fees.