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The memcoin ecosystem has once again brought magic to crypto investors as the PEPE frog is recording huge profits and incredible numbers. The currently popular Ethereum-based PEPE meme token was originally inspired by the Bitcoin BRC-20 PEPE that was launched earlier in March 2023.
The exponential rise in PEPE prices in just the first month has shown an ROI close to 38,900% for early investors. This prompted cryptocurrency enthusiasts and developers to look into the original standard version of the BRC-20 token, with which the first PEPE was created.
BRC-20 is a new and unique token standard that has gained immense popularity recently thanks to the success of Ethereum-based PEPE.
Dive into the BRC-20 token standard
The BRC-20 token standard is an experimental token launch mechanism based on the Bitcoin blockchain network. This new token standard was created by a network analyst under the pseudonym Domo.
Domo created the BRC-20 token standard in March 2023 to make it easier to transfer fungible tokens across the Bitcoin network.
This new experimental standard will also allow developers and programmers to create and send fungible tokens, including memcoins, via the bitcoin serial number protocol.
Although there are several token standards in the blockchain industry, BRC-20 has been modeled after the popular Ethereum ERC-20 standard, although there are some fundamental differences.
The ERC-20 standard, which requires the use of smart contracts to launch a token, is very different from BRC-20. The latter simply requires a bitcoin wallet to mint and create tokens without the use of smart contracts.
PEPE sets priority for new memcoins
Recently, due to its popularity, many new memcoins have appeared in the cryptocurrency market using the BRC-20 token standard. According to reports from Coinmarketcap, 8,500 tokens, including memcoins, have been minted and launched using this standard.
This resulted in a surge in BRC-20 token market cap and transaction volume, reportedly outperforming Bitcoin by more than 50% between April 29 and May 2, 2023.
We can see that in the last 10 days the number of BRC20 tx has largely surpassed that of ordinals. They might even soon overload the bitcoin network and cause issues. pic.twitter.com/FSGzkfeTJT
— cryptocurrency Koryo (@CryptoKoryo) May 2, 2023
The growing transaction volumes and market capitalization of the BRC-20 has caught the attention of many investors who are looking into the various tokens created using this new token standard.
However, it is important to note that the BRC-20 standard is still at an experimental stage, so caution should be exercised when exploring tokens based on it.
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