Andras Crow-Hreidar 
The popularity of the Ordinals protocol is growing and people believe that there might be a bull run soon. BRC20 tokens are multiplying on the Bitcoin (BTC) network also. As the latter begins to congest, BTC withdrawals on Binance came to a halt, relaunching of the transactions also ceased with higher fees. The market value of the Bitcoin-styled ERC20 tokens is beginning to swell too.
Bitcoin (BTC) Network Experiences a Rise of Memecoins
If the amount of BRC20 tokens on Bitcoin (BTC) increased by a large margin, from 11,650 to 14,300, their total value might be far harder to explain. According to brc-20.io, the BRC20 market value has gone up from 125 million to more than $1 billion in just a few days’ time. This marks an astounding 8x growth from last week. Memecoins -especially the top 15 that were generated by Ordinals– are also more prevalent; such as PEPE, MEME, PIZA, MOON, PUNK, and even SHIB.
Among all these memecoins though, the most valued one is still the ORDI. It seems like this token is approaching the mark of half a billion dollars. This, of course, is for a good reason, as some cryptocurrency exchange platforms recently decided to also add this token to their offers. Decrypt reports that in particular, cryptocurrency exchanges like Gate.io and Crypto.com already began to list ORDI on their sites.
But we do not know too much about many other probable projects under the name of this token which was created on March 8, 2023, under a nickname, Domo. The fact that it is the first BRC20 might be enough for it to be considered a kind of collector’s item.
The congestion of transactions on the Bitcoin blockchain is still growing. The backlog was already 220,000 unconfirmed BTC transactions a week ago, and Satoshi Nakomoto’s network mempool now has a backlog of at least 420,000 pending transactions. If this BRC20 token frenzy created by Ordinals is not something that will burst like a bubble, the Bitcoin network could stay congested for a while longer.
