In recent weeks, meme coins such as PEPE, AIDOGE, and WOJAK have become increasingly popular and are now causing a traffic jam on the Ethereum network, with new BRC-20 tokens affecting the Bitcoin network.
Meme coins have taken the crypto world by storm, and these new coins are being minted using the BRC-20 standard. However, the daily minting fees on the BRC-20 standard reached a record high of 247 BTC on May 7th, according to data from Dune.
The total fees for these Bitcoin orders were 641 BTC. Meanwhile, from a different perspective, transaction fees on Bitcoin have exceeded 400 BTC on May 7th, increasing 18 times compared to the previous month.
BRC-20 tokens have taken over the Bitcoin network, with a market cap of $541 million to date. There are a total of 14,079 BRC-20 tokens, including many meme coins.
One reason for the shift of meme coins to BRC-20 may be that meme coins have caused congestion on the Ethereum network. A popular meme token, PEPE, has contributed significantly to this congestion. Recently, the meme coin has taken over the community, increasing by approximately 40,000%.
This surge in popularity of meme coins has caused concern among some crypto enthusiasts, who worry about the potential negative impact on the overall crypto market. However, others argue that the growth of these tokens reflects the growing demand for new and exciting forms of crypto assets.
It remains to be seen how this trend will evolve in the coming months, but one thing is certain: the rise of meme coins and the BRC-20 tokens has left an indelible mark on the world of cryptocurrencies.
Read more:
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