Bitcoin Blockchain Overrun by Meme Coin Frenzy Thanks to BRC-20 Token Standard
- Although the meme coin craze has been a prominent topic on the Ethereum blockchain, a similar trend is now visible on the Bitcoin blockchain thanks to the growth of the BRC-20 standard.
- The BRC-20 token standard’s massive adoption for token minting, which has resulted in over 8,500 tokens, is primarily driven by the growing popularity of meme coins such as Pepe (PEPE) and Memetic (MEME).
Bitcoin, the world’s largest cryptocurrency, has long been considered a safe haven asset for investors. However, recently it has been hit by a meme coin frenzy thanks to the BRC-20 token standard. The BRC-20 token standard, which is a technical specification for creating tokens on the Bitcoin blockchain, has given rise to a new wave of meme coins that are gaining popularity among investors.
Meme coins are cryptocurrencies that are created as a joke or for fun but have gained significant value due to their viral nature. Examples of such coins include Dogecoin, Shiba Inu, and Baby Doge.
The cryptocurrency world is buzzing with the emergence of the BRC-20 token standard on Bitcoin, primarily driven by the rising prominence of meme coins like Pepe (PEPE) and Memetic (MEME). This standard has been employed to mint more than 8,500 tokens, most of which are meme coins.
The BRC-20 token standard is a trial token standard on the Bitcoin blockchain, inspired by Ethereum’s ERC-20. It enables developers to generate and send interchangeable tokens using the Ordinals protocol.
Despite being modeled on ERC-20, the BRC-20 token standard differs significantly from its Ethereum equivalent. BRC-20 tokens do not utilize smart contracts, and a Bitcoin wallet is required to create and exchange these tokens.
In addition to the surge in BRC-20 token activity on the Bitcoin blockchain, it has also surpassed the blockchain’s original number of Bitcoin transactions. Between April 29 and May 2, BRC-20 transactions accounted for over 50% of all transactions, outpacing regular BTC transactions. The number of BRC-20 transactions hit a peak on May 1, reaching 366,000, while the total number of transactions on the network was 2.36 million. As a result of the increased BRC-20 activity, transaction fees have skyrocketed, generating an additional 109.7 BTC in fees for miners since the end of April.
EVERYTHING Ethereum can do IS BEING done on BTC w/ blockspace & custom indexers
First Liquidity Pool for DEX on Bitcoin L1 w/ BRC-20
NO ONE thought it possible
Posting the SAME info that UNISWAP DEX would post to make a transaction & reconciling it later w/ indexer pic.twitter.com/1IBuQ8e7A4
— trevor.btc (@TO) May 3, 2023
While meme coins have been around for a while, their popularity has surged recently due to the ease of creation on the Bitcoin blockchain. Many investors are attracted to the potential gains from these coins, while others see them as a fun and exciting investment opportunity.
Overall, the BRC-20 token standard has opened up a new avenue for meme coins on the Bitcoin blockchain. While these coins may be fun and exciting, investors should exercise caution and conduct thorough research before investing in them.
