Top BRC20 tokens to look out for in May 2023 (by market cap)
If you are a part of the crypto world, you are definitely aware of the revolutionary ERC-20 tokens built on the Ethereum network. They have transformed the world of cryptocurrencies, making transactions and digital assets more accessible to everyone. But, have you heard of the new experimental token standard called BRC-20? It draws inspiration from the ERC-20 tokens and aims to enhance the fungible token experience. BRC-20 provides a seamless and efficient way for developers to build and transact with tokens using the Ordinals platform. What sets BRC-20 apart is that these tokens are stored on the Bitcoin base chain, a testament to its versatility. Built with the help of Ordinals and Inscriptions, BRC-20 tokens can be easily deployed, minted and transferred using ordinal inscriptions of JSON data.
The emergence of the BRC-20 token standard is a relatively new development that has taken the crypto world by storm. It all began on March 8th, 2023, when a Twitter user with the handle @domodata first proposed the idea. Since then, BRC-20 tokens have gained significant momentum, with their market cap skyrocketing in recent weeks. In fact, its transaction volume has even surpassed that of traditional BTC transactions on the network – an impressive feat indeed.
This incredible surge has piqued the interest of many investors who are keen to find out more about BRC-20 tokens and whether they are a good investment option. Investing in cryptocurrencies can be a daunting task, especially when it comes to newer standards like BRC-20. However, by understanding the market trends and the top-performing tokens, investors can make informed decisions and potentially reap significant rewards. In this article, we’ll be discussing the top BRC-20 tokens to keep an eye on, ranked by market cap.
Also Read: What are BRC20 tokens?: Should you invest?
What we are going to learn?
Top 10 BRC 20 Tokens to Watch out for in May 2023
The BRC-20 standard has already made a huge impact on the crypto world, with a staggering 8,500 tokens already minted using this standard. While some of these tokens have more practical applications, the majority of them fall under the category of meme coins. For crypto enthusiasts, keeping up with the latest trends is essential. And with the rise of BRC-20 tokens, it’s no surprise that people are eager to learn more about them. The potential for profits with BRC-20 tokens is high, but so is the risk. With so many tokens available, it can be overwhelming to decide which ones are worth investing in. But with proper research and analysis, investors can identify promising BRC-20 tokens that align with their investment goals.
Here’s our list of the top 10 BRC tokens according to market cap
- Pepe Coin
Let’s talk about a really cool cryptocurrency called Ordinals (ORDI) that’s doing something pretty unique. it is there first on the list with the highest market cap of any BRC 20 Token. Instead of just operating like your typical crypto, ORDI actually uses inscriptions written on the Bitcoin blockchain to do its thing. So what does that mean, exactly? Well, thanks to the ORDI protocol, you can write all sorts of information to the tiniest unit of Bitcoin: the satoshi. That includes things like text, images, sound, and video. And considering there are a whopping 2.1 quadrillion satoshis in Bitcoin, you can imagine the possibilities that opens up.
There are a ton of advantages to using ORDI that make it stand out from the crowd. First of all, the fact that it operates using the Bitcoin protocol means that there are all sorts of new use cases that are now possible. One really exciting application of this technology is the ability to create NFTs and tokens based on this information. That means that you can use ORDI to create digital assets that are truly unique and one-of-a-kind. Of course, the fact that ORDI is so new and unique is also a big draw for a lot of people.
- The key metrics (at the time of writing) :
- Market Cap: 350,596,723 dollars
- Price: 16.64 dollars
- 24 hour volume: 171,903,113 dollars
- Self Reported Circulating Supply: 21,000,000 ORDI
PEPE is second to Ordinals in terms of market cap and is a relatively new cryptocurrency that was quietly launched on April 17th. You might recognize the name from the Pepe the Frog meme, which was originally created by artist Matt Furie way back in 2005. It is definitely one of the most popular BRC20 Token among others and has also held multiple giveaways. As of now, PEPE has a nominal value of $0.58 but a really great market cap of $24,202,127. The total supply of the coin was restricted to 42,069,000, with 100% of them being already minted. however this token should not be confused with the PEPE of Ethereum blockchain.
Learn More About: What is Pepecoin? PEPE Price Prediction 2023, 2024, 2025, 2030
Next, we have VMPX, a token created by Jack Levin. Despite being relatively new, it already has a huge following of supporters who believe in its potential. What’s even more impressive is the sheer volume of transactions that have already taken place on this platform. This has proven to be one of the highest numbers in the market. Currently, it is priced at $0.2218 with a market cap of $21,742,180.
Following VMPX, we have the NALS token which is valued at $0.85. Just in the past 24 hours, the number of unique holders has gone up by 2.8%! It’s no surprise, considering that $nals has consistently ranked as the second-highest coin in terms of on-chain volume. What’s really impressive is the incredible trading volume ($930,485) it’s generating relative to its market cap ($17,829,504). It’s definitely punching above its weight!
The fifth highest market cap is of the MEME coin which is also the second-ever BRC 20 token created! With a supply of just 99,999 and a maximum mint of only 1 $meme per inscription, the distribution of this token was well-thought-out. It’s no wonder that right after the mint, there were already over 2000 holders of $meme, and the numbers have been climbing rapidly since then! Today, $meme is trading at an impressive $168.54 and boasts a market cap of $16,853,531.
In succession to MEME we can see Moon token trending on the BRC 20 lists. Even though it is trading at $0.11 it has shown a really good market cap of $11,436,400. Its trading volume in the last 24 hours is also pretty decent at $44,702. The supply is also limited at 100,000,000 coins
The next coin is DOMO. Fun fact: did you know that the same deployer behind ORDI is also behind the DOMO coin? The cool thing about $Domo is that it’s completely decentralized. It’s no surprise that the consensus is extremely strong, with over 1500 currency-holding addresses and counting. It is priced at just $0.52, and has a market cap of $10,866,219.
The eighth BRC 20 token on our list is OSHI. Oshi Fnance is the first Bitcoin liquidity pool protocol using BRC20 Documentation and with a native token called $OSHI. It aims at providing liquidity to the BRC-20 ecosystem and creating more stable and reliable liquidity pools for everyone. We can see that the project has quickly reached a value of $691.02 with a relatively adequate market cap of $9,216,080.
Following OSHI, is the PIZA coin. The $Piza coin is based on the BRC20 and was created in March 2023. By April 30th, 2023, all $ Piza coins had been minted. They have created the con with inspiration from The first-ever transaction in the crypto world which was for a pizza. The coin has garnered a twenty four hour trading volume of $799,677 and is trading at $0.42 with a market cap of $8,769,600.
The last token we will be discussing is NOOT. it is a penguin-inspired meme coin on the blockchain. This coin’s claim to fame is that all of its tokens have been fairly distributed among the community. Plus, $NOOT takes transparency seriously, so you know exactly what you’re getting into. And if that wasn’t enough, $NOOT is a meme coin that’s 0% tax.
BRC 20 Adoption and Popularity
Back when the very first BRC-20 token contract was deployed for the “ordi” token, there were some strict limitations in place. For example, the minting cap was set at 1,000 tokens per mint, and the maximum supply was limited to 21 million tokens. However, despite these restrictions, the market capitalization of BRC-20 tokens has been on an absolute tear lately. In fact, in just the last month alone, BRC-20 tokens have seen their market cap surge to a jaw-dropping $120 million. That’s an incredible 600% increase in just one week!
At the time of writing, marketcap of BRC20 tokens is 614,348,073USD.
At its peak on May 1st, BRC-20 tokens saw a volume of 366,000 transactions, with the total number of transactions on the entire network reaching 2.36 million. It’s not just demand that’s on the rise, either. Transaction fees have been steadily increasing as well, due to the massive influx of token activity.
Since the BRC-20 network launched back in April of this year, miners have generated an impressive 109.7 BTC in transaction fees. This is a testament to the profitability of mining BRC-20 tokens, and it’s likely that we’ll see more and more miners getting involved in the coming months.
How to Buy BRC20 Tokens?
Unlike other tokens that can be easily deployed on any Ethereum Virtual Machine (EVM)-compatible wallet, BRC-20 tokens are limited to being deployed on a native Bitcoin browser extension or wallet due to Bitcoin’s incompatibility with EVM. However, this limitation doesn’t mean that BRC-20 tokens are completely useless.
Take, for example, UniSat, which is the first open-source browser extension wallet for Bitcoin Non-Fungible Tokens (NFTs). Thanks to the innovation of Ordinals, UniSat users can now store BRC-20 tokens alongside NFTs in the same wallet, increasing convenience and accessibility.
Setting up your UniSat wallet to interact with the Bitcoin token standard may take a few extra steps, but it’s well worth the effort. Once you’re all set up, you can mint any supported tokens, giving you more flexibility and control over your digital assets.
Things to know before buying these BRC 20 tokens
BRC-20 tokens are a game-changer when it comes to creating standardized token protocols. They allow for the development of fungible tokens that can be traded and transferred easily, just like any other asset on the Bitcoin blockchain. It’s a significant step towards making digital assets more accessible and user-friendly. But, it’s also essential to remember that like any experimental technology, there are still risks and challenges associated with the use of BRC-20 tokens. It’s important to educate yourself on the potential drawbacks and make informed decisions. Hence, before you proceed to actually purchase any of the mentioned BRC20 tokens there are a few warning points you should remember.
While BRC-20 tokens are a promising development in the world of digital assets, it’s also important to keep in mind that they’re still in the experimental stage. As such, there’s no guarantee that they’ll have the same longevity or impact as other more established tokens. In fact, some may even consider them to be a passing fad. Additionally, When it comes to new digital assets, it’s not uncommon to see high levels of volatility in the early stages. This is especially true for those that don’t yet have a marketplace for buying and selling. Without a platform for exchange, it can be challenging to establish a fair market value for the asset. As a result, prices can fluctuate significantly in response to demand, news, and other market factors.
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It’s fair to say that BRC-20 tokens can introduce some added complexity to the process of managing digital assets. Unlike other tokens, BRC-20 tokens require a separate wallet, protocol, and coin control to manage effectively. This can mean additional steps to store and transact, which some users may find cumbersome or inconvenient. While BRC-20 tokens certainly have their advantages, it’s important to weigh these benefits against the added complexity they can introduce to the digital asset management process.