The market capitalization of BRC-20 tokens has dropped from $1 billion to $385 million in just the past 4 days.
The explosion of BRC-20 tokens only lasted for 1-2 days before there was a sharp drop in the past days.
According to data from OrdSpace , up to now there have been more than 18266 tokens issued on the Bitcoin network with a market capitalization of $460 million.
As Cointelegraph previously reported, the explosion of Bitcoin Ordinals and BRC-20 tokens has resulted in Bitcoin network congestion with too many unconfirmed transactions.
In the face of network congestion, Binance had to temporarily stop withdrawing Bitcoin for 2 consecutive times and CZ had to speak to reassure users.