BRC-20 Tokens Market Cap Reaches $3.3 Billion: Why & How
In the past few months, people worldwide have been curious about BRC-20 tokens, introduced by an anonymous developer named Domo in May 2023. These tokens, following the Bitcoin Request for Comment 20 (BRC-20) standard, have become popular in the cryptocurrency community. But what makes these tokens so appealing?
The Rise of BRC-20 Tokens
BRC-20, despite its name’s resemblance to the unrelated ERC-20 tokens, stands out by incorporating memes, a favorite among the majority of cryptocurrency fans.
Source: triple-a.io
Given the dominant user demographic of individuals under the age of 34, who are more open to decentralized finance (DeFi) opportunities, the appeal of BRC-20 tokens is heightened.
By allowing users to add short JSON code—comprising images, text, videos, or even code—to the tokens and trace their existence, BRC-20 token holders experience a unique sense of ownership not typically found in centralized systems.
The Giant in Inscription
That being said, from the beginning of its launch, BRC-20 tokens have successfully gained a total of US$3.3 billion in market capitalization to date, and the numbers are not going to stop there.
The total market cap of BRC-20 coins has reached a whopping US$3.3 billion as of 21 Nov, 2023 (Source: brc-20.io)
Amidst the heat of inscription recently, the market cap for the first fungible token using the BRC-20 standard - Ordinals (ORDI), stood at an impressive US$441 million with a US$66.5k trading volume, proving the market is excited about its existence.
The Impact Behind BRC-20 Tokens in the Long Run
Despite the hype, some critics worry about BRC-20 tokens. They argue that these tokens use the way of storing their data files directly on the blockchain. Unlike Ethereum NFTs, which keep their files on a separate server, this approach could potentially slow down the blockchain because the files are quite large. Importantly, many people who use BRC-20 tokens may not be aware of these potential issues.
On the brighter side, Bitcoin miners, who play a crucial role in processing transactions, are quite happy with BRC-20 tokens. This is because handling transactions for these tokens is more profitable for miners than the traditional process of creating new Bitcoin (BTC), and things might change further in the future, with Bitcoin halving coming soon in April 2024.
Where to Buy BRC-20 Tokens?
Despite the concerns above, BRC-20 tokens are still loved by many. If you want to join the hype, you can definitely find the most popular ones on Bitget!
Hot BRC-20 token list you need
Bitget is a big player in the world of centralized exchanges, with a whopping US$10 billion in daily trading volume and more than 20 million loyal users from 100 countries. But the most important point is that we value users and strive to give you the most intuitive experience.
With that said, Bitget has all the cool BRC-20 tokens ready. You can easily search for the popular BRC-20 tokens in one place, such as:
The first token with an experimental fungible token standard using ordinal inscriptions. The big bro.
It also honors the creator of the Pepe meme, Matt Furie but with a sadder frog face. Perhaps life is hard.
The first MEME token on Bitcoin, and no one can forget this iconic meme face.
Aside from being the small unit of a Bitcoin, Satoshis is now also a fun meme coin that uses Ordinals protocol.
Inspired by one of the most prolific mammals on earth - the rat, RATS is a new meme coin member on Bitget. Totally rat-ical.
Last Few Words
Beyond the financial gains, BRC-20 tokens have marked a significant milestone in the history of cryptocurrency. The BRC-20 community, filled with loyal supporters, has played a big role in bringing these tokens to where they are now.
Interested in bringing some memes home? Don't miss out on the excitement— come on board by joining Bitget today and share the fun!
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
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