BTC
by BSCN
May 8, 2023
Shiba Inu and Pepe meme coins lead the pack with market capitalizations of $5.26 billion and $750 million, respectively.
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.
Latest News
December 12, 2024
Binance Labs' New Investment: What is Perena?
December 12, 2024
Arbitrum Foundation and Ubisoft Team Up to Launch Netflix Series-Inspired Web3 Shooter Game
December 12, 2024
Brian Quintenz Emerges as Front-Runner for CFTC Chair Role Under Trump
December 11, 2024
Circle and Binance Form Strategic Partnership to Drive Global Adoption of USDC
December 11, 2024
Coinbase Institutional Integrates Chainlink into Project Diamond for Secure Tokenized Asset Management
December 11, 2024
Ripple's RLUSD Stablecoin Receives NYDFS Approval, Launch Imminent
December 10, 2024
Baby Doge Coin Hits All-Time High, Surpasses $1B Market Cap
December 10, 2024
Floki Launches Crypto Debit Card in 31 European Countries with Mastercard Partnership