Meme coins have taken the crypto world by storm, and now they are transitioning to the BRC-20 standard to avoid congestion on the Ethereum network.
This has led to a BRC-20 meme coin craze on the Bitcoin network, with daily minting fees reaching record highs and transaction fees surging by 18-fold in just a month.
According to network metrics, BRC-20 tokens have clearly taken over the Bitcoin network, with a total of 14,079 tokens and a market cap of $541 million. Many of these tokens are meme coins, which have been a major reason for the growth of Ordinals and NFTs.
One popular meme token, PEPE, has contributed greatly to congestion on the Ethereum network. This has led meme coins to shift to the BRC-20 standard, which is an experimental token standard on Bitcoin that offers more fungibility.
The popularity of BRC-20 tokens has also led to a mania, with Binance halting BTC withdrawals twice in 12 hours due to a large volume of pending transactions.
The fact that these meme coins are affecting the world’s biggest CEX is proof of the craze at the moment.
