Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days.
Impervious to Market Slump, BRC20 Tokens Defy the Odds
Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11, its total market valuation stands at $427 million, representing a 53% increase since May 7. Moreover, there are currently 14,450 BRC20 tokens in circulation – up from 13,530 four days prior – according to brc-20.io statistics.
Dune Analytics data compiled by user “cryptokoryo” reveals that the number of BRC20 transactions totaled 4,809,532 on May 12 at 10:15 a.m. (ET). Unquestionably, Bitcoin miners have relished the additional fees contributed to the network’s block subsidy in light of Ordinal inscriptions and BRC20 tokens’ arrival. Cryptokoryo’s BRC20 analytics indicate that since their inception, miners have accrued 987.34 BTC from BRC20 activities.
Although BRC20 tokens have resisted the wider crypto-economy’s decline, the BRC20 economy did plunge from the $525 million range to its present $427 million value – an 18% loss within the last day. Presently, the BRC20 market boasts approximately $206,477,610 in 24-hour volume and is dominated by the token ordi in terms of market valuation. A single ordi is trading hands for $11.56 per unit.
Hot on Ordi’s heels are BRC20 tokens vmpx, pepe, meme, and domo concerning market capitalization size. Alongside this burgeoning BRC20 economy, BRC20s, and Ordinal inscriptions have contributed to the Bitcoin blockchain’s current backlog. Although fees and unconfirmed transactions have decreased, between 280,000 and 310,000 unconfirmed transactions remain pending confirmation.
What do you think about the BRC20 growth over the past five days? Share your thoughts about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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