|

News - Archive

Bitcoin’s BRC20 Token Economy Surges By 192% In Four Days, Hitting $279 Million Mark

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Category

News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

x

bitcoin

Join our growing community


The combined market value of all BRC20 tokens created atop the Bitcoin network was only $95 million four days ago. The BRC20 market valuation, on the other hand, has grown significantly over the last four days, rising by 192% to $279 million.

Over 13,000 BRC20 Tokens Developed On Bitcoin Garner A Value Of $279M

The BRC20 token economy, which is based on the Bitcoin network, is booming as the BRC20 token standard gains traction. The BRC20 token economy has a value of $279.07 million as of Sunday, May 7, 2023, and there are roughly 13,530 tokens in circulation. 

This represents a tremendous growth from just four days earlier, when there were about 10,487 BRC20 coins, and the market valuation for BRC20 tokens was $95 million.

image 42

The BRC20 tokens that are currently the most valuable in the market include ordi, pepe, piza, meme, moon, punk, domo, oshi, xing, and shib. Currently, Ordi is the most expensive BRC20 coin, trading for $9.46 for a single token. Ordi commands a market capitalization lead of more than 71% over the entire BRC20 token market with a market value of $200 million.

Pepe, a distinct BRC20 coin (unrelated to the ERC20 meme token with the same name), is currently valued at approximately $17.6 million in the market. The top five BRC20 token market valuations—ordi, pepe, piza, meme, and moon—account for 86.55% of the $279.07 million total. Ordi is not only the most valuable BRC20 coin in terms of market value, but it also earned $3.1 million in 24-hour transaction volume.
Dune Analytics tallied 3.11 million BRC20 transactions as of May 7, 2023. From the BRC20 ecosystem, bitcoin miners obtained 214 bitcoin (BTC), which is equal to $6.2 million. While the developers of these tokens have adopted a variety of supply limits, data from brc-20.io shows that 80 of the top 118 BRC20 coins by market cap have chosen a maximum supply of 21 million.