The world of cryptocurrency trading is never dull, and a recent tweet by DeFi researcher @DefiIgnas highlights just how bizarre things can get. In a thread of seven tweets, the researcher lays out the state of trading for BRC-20 Memecoins and the challenges that come with it.
The first tweet states that the total trading volume for all Bitcoin Ordinals is $60M USD, with UniSat Marketplace dominating with a 75%+ market share. But it’s the second tweet that really draws attention. To access the BRC-20 marketplace, you must first mint 20 inscriptions, essentially creating one BRC-20 shitcoin to buy another Memecoin. This creates a funny situation that’s not actually funny at all.
The third tweet explains how these transactions congest the blockchain, increase the ordinal percentage on charts, and cause transaction fees to rise. Currently, there are 450k unconfirmed Bitcoin transactions. The fourth tweet reveals that it costs $430 USD to take 20 minutes on UniSat, which is the price you pay for being an early adopter.
1/7 The Funny State of BRC-20 Memecoin trading:
Total trading volume for all Bitcoin Ordinals – $60M USD.
UniSat Marketplace dominates with 75%+ market share.
The funny part? 👇 pic.twitter.com/1tka412Wyc
— Ignas | DeFi Research (@DefiIgnas) May 8, 2023
The fifth tweet points out that despite the challenges, people do it because the prices go up. The total BRC-20 market cap is already $542M, proving that there’s money to be made for those who can navigate the market.
The sixth tweet notes that the ORDI is now listed on Gate, making gambling much easier, and asks if other centralized exchanges will follow. Finally, the seventh tweet concludes by saying that it’s exciting to try out and learn something new. It also increases fees earned by Bitcoin miners, making the Bitcoin blockchain more secure. However, the Bitcoin community remains divided on this issue.
The world of cryptocurrency trading can be strange and confusing, but it’s clear that there’s money to be made for those who can figure it out. As the market continues to evolve, it’s likely that we’ll see even more bizarre trading practices emerge. For now, traders will have to navigate the challenges posed by BRC-20 Memecoin trading and hope that the rewards outweigh the costs.
Read more:
- BRC-20 Transactions Reach New ATH On Bitcoin Network
- Bitcoin Ordinals Minting Surges, But Trading Volume In Secondary Market Hits Two-Month Low
- BRC-20 Tokens Overtake Bitcoin As Meme Coins Surge In Popularity