Bitcoin-Based BRC-20 Token Market Cap Nears $900 Million

BRC-20 Token Market Cap on the Bitcoin Network Increases

The market capitalization of BRC-20 tokens built on Bitcoin via the Ordinals protocol has almost reached $900 million. A meme coin like Ordi is a great fuel that drives the Bitcoin token market cap, according to data from CoinDesk.com. brc-20.io and Ordspace The Ordi coin is up 50.92% over the past 24 hours, trading at $25.06.

A growing number of Bitcoin network meme coins use the Ordinals protocol to create them. These coins are referred to as BRC-20 tokens, similar to the ERC-20 on the Ethereum network developed by Casey Rodarmor. last january Makes it possible to check and check the Bitcoin coin information that the unit is Satoshi.

Ordi tokens are now tradable on Gate.io, the first centralized exchange to list BRC-20 tokens for trading.

What is Ordinals Protocol on Bitcoin?

The Ordinals protocol is a protocol that allows developers to define small files in Satoshi. To develop NFT, Domo was launched as a standard token built on Ordinals in March, allowing users to issue fungible tokens.

The number of tokens created on the Ordinals blockchain continues to grow, with more than 11,000 tokens being traded. There have reportedly been 534,000 transactions on the Bitcoin network, according to data from The Block.

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