Meme coins have become the talk of the town in the cryptocurrency world, with their popularity surging in recent months.
As a result, these new meme coins are beginning to transition to the BRC-20 standard on the Bitcoin network, as opposed to using Ethereum due to network congestion.
According to network metrics, BRC-20 tokens have taken over the Bitcoin network, with daily minting fees reaching a record high of 247 BTC on May 7.
This is a significant increase from late April, when the fees began to peak due to the growth of Ordinals and NFTs. The transaction fees on Bitcoin have also increased to 400 BTC on May 7, representing an 18-fold increase from a month ago.
The BRC-20 tokens have a total market cap of $541 million, with over 14,000 tokens in circulation, many of which are meme coins.
The transition to BRC-20 could be due to the congestion caused by meme coins on the Ethereum network, such as the popular PEPE token, which has caused significant network congestion.
The popularity of Ordinals and other meme coins has even led to Binance, one of the largest cryptocurrency exchanges, halting BTC withdrawals twice in 12 hours due to a large volume of pending transactions.
This shows that there is a mania surrounding these new meme coins, with users flocking to them as evidenced by the high activity on the Bitcoin network.
