Over the past four days, the market capitalization of all BRC20 tokens built on top of the Bitcoin network has experienced tremendous growth, increasing by 192% and reaching $279 million as of Sunday, May 7, 2023. This marks a significant increase from just a few days ago when the BRC20 token market valuation was a modest $95 million. There are currently approximately 13,530 BRC20 tokens in circulation and the BRC20 token economy is valued at $279.07 million.
The BRC20 token standard is gaining momentum and is built on top of the Bitcoin network. As of the aforementioned date, there were 3.11 million BRC20 transactions recorded by Dune Analytics. Bitcoin miners have earned 214 bitcoin (BTC), which is equivalent to $6.2 million, from the BRC20 ecosystem. Out of the top 118 BRC20 tokens by market cap, 80 of them have opted for a max supply of 21 million.
Ordi is currently the most valuable BRC20 coin, with a single ordi token exchanging hands for $9.46. Ordi dominates the entire BRC20 token market capitalization by over 71% with a market valuation of $200 million. Pepe, another BRC20 coin (not the ERC20 meme coin with the same name), has a market capitalization of around $17.6 million. The top five BRC20 token market valuations, which include ordi, pepe, piza, meme, and moon, account for 86.55% of the $279.07 million total. Ordi has also generated $3.1 million in 24-hour trade volume.
BRC20 tokens are gaining popularity, and it is exciting to see the economic growth of this token standard built on top of the Bitcoin network. The future for the BRC20 token economy is promising, and its growth may continue as more tokens are introduced and the use cases for these tokens expand. The BRC20 token economy has proven to be a valuable addition to the Bitcoin network, and it will be interesting to see the future developments of this sector.
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