Ordinals’ (ORDI) meteoric rise to a $1 billion market cap has brought the attention of many crypto traders to the immense potential of these new meme BRC-style tokens. ORDI has surged by 130 % in the last 7 days and over 320% in the last month.
Behind such popularity is the revolutionary nature of these tokens, which were developed on Bitcoin (BTC-USD) for the first time and are now expanding to other chains. Among them, three BRC-style tokens in particular — Ethscriptions, Doginals, and Solana Inscriptions — have captured the attention of investors, enthusiasts and meme lovers alike. They have the potential to become the next hot meme coins for several reasons.
Ethscriptions
Ethscriptions was created by Tom Lehman, the former CEO and co-founder of Genius.com. It was introduced earlier this year and immediately gained much traction with nearly 30,000 Ethscriptions being created in less than 18 hours. According to OpenSea data, the current trading volume for assets exceeds 640 ETH, which is equivalent to $1.4 million.
Ethscriptions aims to revolutionize the world of digital art by allowing creators to sell limited-edition digital art subscriptions on the Ethereum blockchain. This unique concept has gained investor interest because it addresses the challenges faced by digital artists in monetizing their work. Instead of selling individual pieces of art, artists can now offer exclusive subscriptions through Ethscriptions, granting patrons access to new and exclusive artworks regularly.
The inherent scarcity associated with limited-edition digital art subscriptions has the potential to drive the demand among collectors and investors, driving up the token’s value. Moreover, as the adoption of blockchain technology continues to grow, Ethscriptions provides a decentralized platform for artists to showcase their work, making it an attractive investment prospect in 2024.
Doginals
Doginals is a meme coin that leverages the immense popularity of dog-themed cryptocurrencies while incorporating unique features to capture the attention of investors. Inspired by Dogecoin‘s (DOGE-USD) success, Doginals combines Doge’s charm and loyalty with the potential for financial gain. The token not only serves as a store of value but also aims to support animal welfare initiatives and organizations.
In 2024, public awareness of animal rights and the increasing prevalence of cryptocurrency adoption can make Doginals an intriguing choice for investors. Additionally, its meme status ensures a dedicated community of supporters, eager to promote the token and contribute to its success through various digital platforms and social media channels.
Solana Inscriptions
Solana Inscriptions represents a meme coin built on the Solana (SOL-USD) blockchain, distinguishing itself from the Ethereum-dominated market. Solana’s fast and low-cost transactions, combined with the playful nature of a meme coin, make Solana Inscriptions an appealing option for investors seeking alternatives to the congested Ethereum network.
The scalability and efficiency of the Solana blockchain offer a seamless user experience and reduced transaction costs, attracting both casual users and experienced investors. Furthermore, the convergence of a meme-driven community and Solana Inscriptions’ potential for rapid growth creates a strong prospect for meme coin enthusiasts in 2024.
The future growth potential of Solana inscriptions is also backed by perspectives around its blockchain. SOL is currently the sixth-largest crypto project by market cap, with a capitalization of $30,9 billion and market dominance of 1.899%.
The rapid growth of the DeFi ecosystem has established Solana as a key player, drawing in a larger user base with its increasingly practical real-world uses. Bluntz, a crypto analyst known for accurately predicting Bitcoin’s drop in 2018 at $3,000, now predicts SOL outperforming even Bitcoin.
Further Perspectives
Each of the listed BRC-style tokens explores a unique concept, leveraging blockchain technology, meme culture and community engagement. As the crypto space continues to evolve, these tokens present exciting opportunities for investors looking to participate in the vibrant world of meme coins while supporting groundbreaking projects.
Since BRC-style tokens are far less expensive and just as decentralised as smart contracts, they are becoming more widely used on chains with native token support. However, these tokens may pose some challenges to the Bitcoin network since they significantly increase the amount of data required by the blockchain, which makes it more difficult for people operating nodes or validators on the networks. For this reason, some Bitcoin developers are attempting to remove inscriptions. This may only drive the BRC-style tokens expansion to other chains in 2024.
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Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
