According to data from CryptoSlam, nonfungible tokens also called NFTs and meme coins on Bitcoin outperformed Solana in terms of monthly trading volume in May. Currently, the trading volume of Bitcoin ordinals is trailing Ethereum by US$395 million, or more than double the trading volume of Bitcoin BTC ordinals.
NASDAQ is down US$26,800 beginning on April 23, in 30 days. During this time, Bitcoin significantly surpassed well-known blockchains like Polygon, ImmutableX, BNB Chain, and Solana. The bulk of ordinals activity on Bitcoin was made up of BRC-20 token transactions, according to a Dune dashboard created by Domo, the inventor of the BRC-20 token standard.
An experimental ordinal-based fungible token standard called BRC-20 has been developed. It has fostered enthusiasm for speculative cryptocurrencies like meme coin, whose price movement is spurred by some fervent groups.
During the first part of May, as the buzz about BRC-20 meme coins increased, its entire market valuation crossed the $1 billion threshold. The market value of BRC-20 tokens is US$447 million at the moment.
Popular BRC-20 tokens like ORDI, PEPE, and MEME were solely created for testing purposes and have little practical use. For instance, the BRC-20 capability offered by Ordinals was showcased by Twitter user Domo through the creation of ORDI.
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