Meme coins are shifting to the BRC-20 standard, taking over the Bitcoin network as Ethereum faces congestion from new tokens. Daily minting fees on BRC-20 reached a record high of 247 BTC on May 7, and the total fee for these Bitcoin Ordinals was 641 BTC. BRC-20 tokens have a market cap of $541 million, with 14,079 tokens, many of which are meme coins. The shift to BRC-20 could be due to the congestion of the Ethereum network from popular meme tokens like PEPE. The popularity of Ordinals has also caused Binance to halt BTC withdrawals twice in 12 hours. A new standard called BRC-21 is already in the works to allow tokens on other chains to be minted and redeemed to and from the Bitcoin blockchain.

(By Rahul Nambiampurath)

Related News:

BRC-20 Token Standard A Hotspot For New Memecoins As PEPE Soars

Bitcoin Ordinals Set New Record With BRC-20 Token Standard, Details Inside

Bitcoin Ordinals Daily Inscriptions Surge Due to ‘BRC-20 Tokens’