In May 2021, a Shiba Inu-inspired coin had retail investors flocking to cryptocurrency. Dogecoin was an unlikely marker of one of the all-time bull run highs. But it goes to show that when you find the right meme, you can chorale a community to show up in force.
The rise of Dogecoin felt like cryptocurrency had finally reached its tipping point. Then, the likes of Terra and FTX destroyed consumer confidence, and we all know what happened next. Now we need something to draw us out of crypto winter.
Just like Dogecoin did two years ago — and almost to the day — a new BRC-20 token could mark the start of more bullish times for cryptocurrencies. Let’s delve into BRC-20 tokens to discover what they really are.
Revealing the captivating rise of a token that could well become Doge’s arch nemesis, and the bellwether of Bitcoin summer.
The Rise of BRC-20 Tokens
BRC-20 tokens have emerged as a novel “token standard” on the Bitcoin network. BRC-20 tokens make it possible to mint individual satoshis with information about an entire collection of tokens, meaning you can spin up a Dogecoin-like crypto on Bitcoin.
They first captured the attention of the diehard crypto community in March 2023, and the market capitalization of all BRC-20 tokens is now close to $1 billion. That said, no individual token had broken out beyond the core community.
At least, that was the case — until just a couple of days ago.
The ‘Bitcoin Cat’ Taking On Ethereum
Trust is lacking in the cryptocurrency space right now, so a bull run looks anything but imminent. But if we can find a point of trust to bring the everyday investors back to the blockchain, then who knows.
Perhaps Bitcoin meme coins are the way. After all, Bitcoin is the most trusted cryptocurrency, the OG. And the rise of the BRC-20 token standard shows the trend might just kick start ‘Bitcoin summer.’
All we need is the right meme, and it looks like we might have just stumbled across a contender: a newly-minted BRC-20 token with the face of a recognisably agitated cat deployed onto Bitcoin just two days ago.
The token, aptly called $GRUM, saw over 50% of its 21 billion supply minted within the first few hours before soon selling out. This made it the only BRC-20 token in the top-25 by holder count to have minted such a high portion of its supply to such a broad investor base so quickly.
The token’s initial success reflected its ‘fair launch process,’ wherein anyone could mint up to one million $GRUM. The absence of allocations ensured a level playing field for all, instilling further trust from the community.
But perhaps there’s something more prescient there.
Can $GRUM bring back the bulls?
The convergence of BRC-20 tokens and the meme coin revolution on Bitcoin has opened up exciting new possibilities in the crypto space. $GRUM, with its swift ascent and rapidly expanding community, showcases its potential to become a new favorite.
The move would help more retail investors understand and perhaps join the BRC-20 meme coin wave, which could force the dogs and frogs of Ethereum to take a back seat. This Bitcoin token seems to have the memetic power to draw huge attention.
Note: The above article is for illustrative purposes only and does not constitute financial advice.