2023-5-17 21:44 |
Bitcoin Ordinals and BRC-20 tokens are not new yet and have not been very popular in the past. Modelled after ERC-20 on Ethereum, this protocol lets participants mint fungible and non-fungible tokens on Bitcoin. But, according to JAN3 CEO Samson Mow, it seems its days are numbered; in a recent interview, he doubted its longevity, saying, “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained.”
However, there is another standard that is emerging. On May 9, the DRC-20 tokens were launched, and they share a similar technical structure to BRC-20 tokens.
Inspired by the BRC-20 standard, Dogecoin developers appear eager to revitalize interest in the original meme coin this meme coin season. After the success of $PEPE, which left Shiba Inu and the most significant meme coin by market cap, namely Dogecoin, in the dust, activity on the Dogecoin blockchain has increased to overtake that on Litecoin briefly.
Like the BRC-20 standard, the DRC-20 tokens can be engraved on each indivisible unit of DOGE, which is called an “Elon,” there are 100,000,000 elons in a Dogecoin. These engravings can include arbitrary content, producing Dogecoin-specific digital artefacts that can serve as fungible or non-fungible tokens (NFTs) without relying on a separate token or sidechain.
The Doge Labs account tweeted, “Allow us to introduce $MOON, the first-ever dogecoin token following the official DRC-20 standard! Capped at a max supply of 21,000,000, it’s primed to take off!”
As a nod to Bitcoin Ordinals, this standard was humorously dubbed “Doginals” by Cheems, a meme project based on Solana launched on the new DRC-20 standard. Some of the up-and-coming meme coins are said to be DRC-20 tokens in Cheems, Dogewow, Misu, Pepe, and Meme.
Some Twitter users appear to push for the next 100X coming out of DRC-20, but as always, investors should do their due diligence before going in on any meme coin. While crypto is a volatile space by any definition, meme coins are notorious for pumping and dumping in short bursts leaving token holders with assets with little to no value.
By their very nature, Meme coins are frequently influenced by speculative trading, social media excitement, and trends rather than conventional fundamental analysis. Moreover, meme coins often don’t have underlying assets, revenue streams, or a clear use case, making it difficult to assess their prognosis using conventional financial criteria.
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