On May 9, the total market capitalization of BRC-20 tokens on the Bitcoin network through 1 billion dollars with a total trading volume of $207.7 million in the last 24 hours. Some of the most prominent tokens are ORDI, NALS, VMPX, PEPE and MEME, with price variance between +11% and -55% within the past day.
Analysts at BitKeep multichain wallet say BRC-20 token standard is newofA functional token that “uses Ordinals and Inscriptions to create and manage token contracts, token mining, and token transfers. Stored on the Bitcoin chain, Ordinals is a number system that assigns a unique number to each satoshi, or 0.00000001 Bitcoin, for tracking and transfer purposes. Meanwhile, the “inscription” process adds a layer of information to each satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.
The BRC-20 token standard was developed by Twitter user Domo on March 8th. There are currently more than 14,000 BRC-20 tokens on Bitcoin compared to about 400 million on Ethereum. BitKeep wrote, “BRC-20 creators have openly stated that This standard has no value. And users shouldn’t waste a lot of money on this fun experiment.”
On May 8, BitKeep announced that it will soon support the ordinals protocol and the BRC-20 protocol on mobile platforms and plug-in extensions. A new Bitcoin NFT will be included in the BitKeep NFT marketplace, which allows for display, minting, transfer and trading. BTC NFT
“BitKeep will continue to monitor new protocols such as BRC-21 and provide a wider range of support and services based on market trends and user needs.”
Trust Wallet also announced that it wouldnoBitcoin ordinals are supported, while MetaMask added a new feature that allows users to store ordinals in February. Cryptocurrency willsupportprotocol ordinals
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