The new BRC20 token economy, which is built on top of the Bitcoin blockchain, has experienced a significant surge in growth in the past five days. As of May 11, the total market valuation of the BRC20 token economy has reached $427 million, which marks a 53% increase since May 7. The number of BRC20 tokens in circulation has risen to 14,450, up from 13,530 four days ago.
Impressive Number of Transactions and Bitcoin Miner Profits
According to data compiled by user “cryptokoryo” from Dune Analytics, the number of BRC20 transactions reached 4,809,532 on May 12 at 10:15 a.m. (ET). Bitcoin miners have enjoyed the additional fees contributed to the network’s block subsidy due to the arrival of Ordinal inscriptions and BRC20 tokens. Cryptokoryo’s analytics indicate that since their inception, miners have earned 987.34 BTC from BRC20 activities.
BRC20 Economy Plunges but Still Resilient
Despite the wider crypto-economy’s decline, BRC20 tokens have held their ground. However, the BRC20 economy did experience a plunge from the $525 million range to its current $427 million value in the last day, which marks an 18% loss. The BRC20 market currently boasts around $206,477,610 in 24-hour volume and is dominated by the token ordi in terms of market valuation. A single ordi is trading for $11.56 per unit.
Other BRC20 tokens such as vmpx, pepe, meme, and domo are also growing in market capitalization size. The BRC20 economy and its tokens, along with Ordinal inscriptions, have contributed to the current backlog in the Bitcoin blockchain. While fees and unconfirmed transactions have decreased, there are still between 280,000 and 310,000 unconfirmed transactions waiting for confirmation.