Last week, Ethereum-based meme tokens were flooded by cryptocurrency investors. Now we are facing a first. So much so that the growing enthusiasm this week caused transactions on the Bitcoin network to pile up and the Binance exchange to pause withdrawals. So what are ORDI, MEME, PIZA and DOMO, which have become popular these days? What do BRC-20 and Ordinal mean?
What are BRC-20 and Ordinal?
As of last month, we have seen ordinal gain popularity in the NFT focus. Its foundation goes back to the Bitcoin taproot upgrade in 2021. Tokens minted on the Bitcoin network are referred to as BRC-20. Just like ERC-20 tokens on the Ethereum network or BEP-20 tokens on the BNB Chain network. As of today, the total market capitalization of tokens minted on the Bitcoin network has crossed the $1 billion threshold. And there is serious interest in the first tokens.
BRC stands for “Bitcoin Request for Comment” and is an experimental framework for creating Bitcoin fungible tokens using Ordinals, the protocol that allows people to print NFT-like assets called inscriptions on Bitcoin. At the time of writing, the total market capitalization of these tokens is down to $773 million, but they have a cumulative volume of $200 million, with most of them up more than 10% in the last 24 hours.
What are ORDI, MEME, PIZA and DOMO Coin?
BRC-20 tokens have been available for two months. They were pioneered by an on-chain expert known by the pseudonym Domo, who was inspired by the ERC-20 token standard on Ethereum and launched a token called ORDI on March 8. Since then, the Ordi Token has reached a market capitalization of $452 million. While Bitcoin went through the meme coin craze that has gripped the broader crypto market in the past with Dogecoin, Shiba Inu and BONK, other BRC-20 tokens such as PEPE (a different token than the Ethereum meme token of the same name currently), MEME, PIZA and DOMO followed suit.
Today Ordi Token opened for trading on 2 popular exchanges. At the time of writing, Ordi Token was trading on Cryptocom and Gate exchanges with a price of $18.87. The price increase is impressive because the price was only $3.78 on May 1, up 30% on the day.
The total number of inscriptions since the Ordinals protocol was launched in late January has exceeded 4.5 million. The popularity of BRC-20 tokens has had a noticeable impact on Bitcoin transactions in general. More than 50% of transactions on the Bitcoin network now come from BTC-20 tokens, and while miners are happy with their earnings, Bitcoin investors are not happy with transaction fees that have reached $9.
Other popular BRC-20 tokens and their daily gains are as follows;
- Pepe 71
- Nals 277%
- Breast 83%
- Bank %733
- Piza 41%
- Oshi 11%
- Domo 18%
- Punk 120%
