Data tracked by ordinalsda show there are more than 8,800 tokens minted with Bitcoin's BRC-20 standard, most of which are meme coins. Reports godbole17.
Interest in"Bitcoin Request for Comment" or BRC-20 tokens built with Ordinals and stored on the Bitcoin base chain has skyrocketed, lifting their market value by several hundred percent.
"Ordinals on Bitcoin have had unintentional consequences. Of these is the invention of the BRC-20 fungible token standard. It’s now possible to create fungible tokens on BT," pseudonymous analyst and yield farmer Dynamo DeFi said in the latest edition of the weekly newsletter."Since inception, BRC-20s have accounted for nearly 6% of all Bitcoin activity."
"This[BRC-20] is not a token standard like you’re accustomed to with EVM chains, which create smart contracts that manage the token standard and its various rules. Instead, it’s simply a way to store a script file in bitcoin and use it to attribute tokens to satoshis and then allow them to be transferred between users," crypto exchange Binance said in anMost active BRC-20 tokens fall into meme coins – cryptocurrencies originating from an internet meme or humorous characteristic.
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