• Despite the wider crypto-economy dropping 1.59%, the BRC20 token economy has soared 53% in five days.
• As of Thursday, May 11th, the BRC20 market valuation stands at $427 million and there are 14,450 tokens in circulation.
• Miners have accrued 987.34 BTC from BRC20 activities since their inception.
BRC20 Token Economy Thrives
Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days.
Rise in Market Valuation
Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11th, its total market valuation stands at $427 million representing a 53% increase since May 7th with 14,450 BRC20 tokens now in circulation according to brc-20.io statistics.
Benefits to Miners
Unquestionably, Bitcoin miners have relished the additional fees contributed to the network’s block subsidy in light of Ordinal inscriptions and BRC20 tokens’ arrival. Cryptokoryo’s BRC20 analytics indicate that since their inception miners have accrued 987.34 BTC from BRC20 activities while still maintaining an 18% loss within the last day which is still better than other cryptocurrency markets today .
Presently ,the total market volume for these tokens stand at approximately $206,477 610 as Dune Analytics data compiled by user “cryptokoryo” reveals that 4 809 532 transactions occurred on May 12 th 10:15 am (ET). The leading token ordi dominates this market with a single unit trading hands for $11 56 per unit followed by Vmpx Pepe meme and domo .
Impact On Unconfirmed Transactions
Beside contributing to a burgeoning economy ,these tokens have also caused a backlog on Bitcoin Blockchain with unconfirmed transactions ranging between 280 000 and 310 000 pending confirmation although fees and unconfirmed transactions have decreased due to their addition .