The majority of the new meme coin projects are using the BRC-20 concept to grab popularity in the Crypto sector.
BRC-20 is not a standard like ERC-20 or BEP-20. BRC-20 is only an attractive name to grab popularity to show off cool. Under the concept of BRC-20 protocol, people can mint, and deploy any named & supply of coins on the Bitcoin Ordinals, i.e., NFT-like inscriptions on the blockchain. The first time, BRC-20 was introduced in Jan 2023 and in a short period it grabbed huge popularity.
The current market cap of BRC-20 tokens/NFTs is standing at around $120 million, which is a 600% increment between March to the date.
Problem with BRC-20
The main problem with the BRC-20 protocol is the freedom for the people to mint any named token and secondly, there is no use case for this concept.
In short, it is only a stupid concept to create a token with the help of Bitcoin network fees.
The top crypto tokens, which grabbed huge popularity in the crypto sector under the BRC-20 concept are ordi, $OG$, PEPE, MEME, PUNK, and DOMO.
A few people raised questions over the nature of the Bitcoin ordinals protocol but still, people are crazy about the BRC-20 protocol and they are blindly going with BRC-20 meme coins.
If BRC-20 popularity will not fall then surely it will bring huge numbers of meme coins into the crypto sector and obviously, it will destroy some productive development from the crypto sector.
A new trend, a new opportunity
In the Crypto sector, only those people can make fast money who understand the trend of the crypto market in the initial phase.
Here the majority of the crypto investors are taking this concept as a new crypto market trend & they are trying to go with this trend to make money in a short time.
Many experts suggested people remain away from this unfortunate trend because it will only lead to a load for the Bitcoin network & nothing else.