Bitcoin BRC-20 token standard becomes new destination for meme tokens

Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months. A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME). BRC-20 is an experimental token standard on the Bitcoin blockchain modeled on Ethereum’s ERC-20. The BRC-20 token standard was created early in March by an anonymous on-chain analyst called Domo. The market cap of BRC-20 tokens has exploded over the past month and currently sits at $120 million, a 600% rise in the past week.

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