The world of cryptocurrency is no stranger to sudden fluctuations in transaction volumes and prices, and May 13th, 2023 was no exception. On this day, the number of ORC-20 transactions on the Bitcoin blockchain reached a record high of 72,200, according to data from Dune Analytics. This surge in ORC-20 transactions was reportedly triggered by a blog post by Binance Academy, which highlighted the benefits and potential uses of the token.
ORC-20 is a relatively new token standard that is gaining popularity in the world of decentralized finance (DeFi). It is similar to the ERC-20 standard, which is used to create tokens on the Ethereum blockchain, but is designed specifically for use on the Bitcoin blockchain. ORC-20 tokens can be used for a variety of purposes, including raising capital through token sales, providing liquidity for decentralized exchanges, and creating new financial instruments.
Of the 72,200 ORC-20 transactions on May 13th, nearly 97% involved the creation of new ORC-20 tokens, or “inscriptions,” according to Dune Analytics. The total amount of Bitcoin paid for these inscriptions was 5.8 BTC, or roughly $270,000 at current prices. The majority of these transactions were concentrated in a few popular ORC-20 tokens, including PUNK, PEPE, and MEME.
Meanwhile, the number of BRC-20 transactions on the same day was about 265,000, according to Dune Analytics. BRC-20 is another token standard that is used on the Bitcoin blockchain, but it has been around for longer and is more established than ORC-20.
The surge in ORC-20 transactions on May 13th is a reminder of the rapidly-evolving nature of the cryptocurrency space. As new token standards and use cases emerge, investors and traders must stay on top of the latest developments in order to make informed decisions. With the help of resources like Binance Academy, which provides educational content on cryptocurrency and blockchain technology, individuals and institutions can better navigate this complex and rapidly-changing landscape.
Source: https://azcoinnews.com/punk-pepe-and-meme-tokens-drive-surge-in-orc-20-transactions-on-bitcoin-blockchain.html
