The world of cryptocurrency trading is never dull, and a recent tweet by DeFi researcher DefiIgnas highlights the extent to which weird things can happen.in a chain Consisting of seven tweets, the researchers noted the status of BRC-20 memecoin transactions and the challenges that come with them.
The first tweet noted that the total volume of all Bitcoin Ordinal transactions was $60 million, with UniSat Marketplace accounting for more than 75% of the market. But it wasn’t until the second tweet that it really gained attention. To access the BRC-20 marketplace, you must first mint 20 inscriptions, essentially creating one BRC-20 shitcoin to buy another memecoin. This creates an ironic situation.
strange world #BRC-20 #Memecoin Trading: Challenges and Rewards https://t.co/t24mNL1e3I
— Kyptos (@azcoinnews) May 8, 2023
A third tweet explained how these transactions clogged the blockchain, increasing the ordinal percentage on the chart, and causing transaction fees to increase. Currently, there are 450,000 unconfirmed Bitcoin transactions. A fourth tweet shows that it costs $430 to mint 20 coins on UniSat, which is the price one must pay to become an early adopter.
A fifth tweet noted that despite the many challenges, people are doing it because the price is going up. The total market capitalization of BRC-20 is currently $542 million, proving that anyone who can navigate the market can profit.
The sixth tweet mentions that ORDI is now on Gate, which makes gambling operations easier, and asks whether other centralized exchanges will follow suit? Finally, the seventh tweet concludes that it’s fun to try and learn new things. Bitcoin miners also earn more fees, making the blockchain more secure. Still, the bitcoin community remains divided on the issue.
The world of cryptocurrency trading may be strange and confusing, but it’s clear that those who catch up in time can make money. As the market continues to evolve, we are likely to see more strange trading activity emerge. For now, traders will have to overcome the challenges posed by BRC-20 memecoin transactions and hope that the rewards will outweigh the costs.
Token When BRC-20 Will Take Over Bitcoin memecoin become popular
Memecoins such as PEPE, AIDOGE, and WOJAK have grown in popularity in recent weeks and are currently causing congestion on the Ethereum network. Also, new BRC-20 tokens impact the Bitcoin network.
BRC-20 Token Overtaking #bitcoin as #MemeCoins Soaring popularity https://t.co/sMuixjyKJ7
— Kyptos (@azcoinnews) May 8, 2023
Memecoins are taking the crypto world by storm these days, these new coins are minted using the BRC-20 standard. However, the BRC-20 standard daily minting fee hit an all-time high of 247 BTC on May 7, according to Dune.
The total fee for the Bitcoin order is 641 BTC. At the same time, from another point of view, Bitcoin transaction fees exceeded the 400 BTC mark on May 7, an increase of 18 times from the previous month.
source: Dune Analysis
BRC-20 tokens have taken over the Bitcoin network, with a market cap of $541 million to date. There are 14,079 BRC-20 tokens in total, including several memecoins.
One of the reasons for moving memecoins to BRC-20 may be that memecoins cause congestion on the Ethereum network. In particular, PEPE contributes significantly to this congestion. Recently, this frog-themed coin has caused a sensation in the community, with an increase of nearly 40,000%.
The growing popularity of the joke asset has raised concerns among some enthusiasts about the potential negative impact on the overall crypto market. However, others say the growth reflects growing demand for new and exciting forms of digital assets.
It remains to be seen how this trend will play out in the coming months, but one thing is certain: the growth of memecoins and BRC-20 tokens has left an indelible mark on the crypto world.
- Bitcoin serial number daily inscriptions increase thanks to BRC-20 tokens
- A bunch of memecoins see double digit discounts
- PEPE picture turns red, hype over?
front page
according to Kyptos
