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Meme coins are on the rise in unfamiliar places thanks to Ordinals, the project launched in January on the Bitcoin network. It started with an NFT-like effort to "inscribe" assets like artwork and profile pictures onto Bitcoins blockchain, but soon evolved to support BRC-20 tokens minted using the same protocol.

Now, thanks to the sensation surrounding Ordinal inscriptions and meme tokens on Bitcoinnot to mention the increasingly high network fees that resultedinscribers have brought the latest craze in blockchain to Litecoin and Dogecoin. And in the process, theyve sent daily transaction totals to the moon.

On Wednesday, the three largest proof-of-work blockchains by market capitalization collectively tallied over 2 million daily transactions: 579,260 on Bitcoin, 363,885 on Litecoin, and 1.126 million on Dogecoin alone, per data from BitInfoCharts. Each chain has also marked a respective all-time single-day peak for transactions so far in May.

How did we get here? Ordinals coming to Litecoin and Dogecoin was a natural progression, considering that Litecoin is a fork of Bitcoin and Dogecoin was based on code forked from Litecoin. They're all related, in a sense, and that's what has led to the migration of Ordinals tech from Bitcoin to the others.

Meanwhile, the BRC-20 and subsequent LTC-20 and DRC-20 standards were inspired by Ethereums ERC-20 tokens, allowing developers to create fungible tokens on the blockchains. It was a lighthearted experiment on Bitcoin... until the tokens caught on and nearly reached a collective $1 billion market cap.

Given that, it's no surprise to see the trend catch on elsewhere since. And Ordinals and the resulting meme token frenzy is already having a sizable impact on Litecoin and Dogecoin alike. Here's a look at how it happened.

In January, software engineer Casey Rodamor released the Ordinals protocol, which let users transfer and receive individual satoshisthat is, the smallest denomination of a Bitcoin (1/100,000,000 BTC). The key upgrade here is that they could include inscribed data like videos or images, instead of simply storing transaction data.

In March, Ordinal inscriptions hit a new high after a pseudonymous creator named Domo launched the BRC-20short for "Bitcoin Request for Comment" implementation. BRC-20 allowed the creation of "fungible tokens" on the Bitcoin network, opening the door for anyone to create meme tokens on the original blockchain.

As newer tools and infrastructure have made Ordinals easier to inscribe and handle, the total number of inscriptions has soared, topping 8 million as of this writing. And with over 24,000 BRC-20 tokens minted to date, the total combined market cap is currently over $618 millionand previously neared $1 billion in total. Bitcoin transactions set a single-day record of 682,000 on May 1 amid the meme token frenzy.

Critics of Ordinal inscriptions point to the rising cost of transactions on these blockchains now that blocks are filled with JPEGs and meme tokens, with some going so far as to call it a potential attack vector and that Ordinals and meme tokens should be blocked on the network. However, proponents of Ordinals say that the higher cost help secure the network.

Following the Ordinals-fueled explosion in activity on the Bitcoin network, the inscription protocol made its way to the Litecoin network. Litecoin was launched in 2011 as a fork of the Bitcoin blockchain and was a prominent cryptocurrency for years, though it has been overshadowed at times by newer and buzzier coins.

Ordinals came to Litecoin in February after a challenge from pseudonymous Twitter user Indigo Nakamoto, who initially offered 5 LTC (around $500) to anyone who could port the Ordinals protocol to Litecoinand the prize pool quickly grew. Software engineer Anthony Guerrera launched Litecoin Ordinals after forking the Bitcoin code.

In May, the LTC-20 standard was introduced to Litecoin, bringing meme tokens to the network. Litecoin transactions surged after the addition of Ordinals, going from 100,684 transactions on May 1 to hit an all-time high of 584,836 transactions on May 10. Over 2.6 million Litecoin Ordinals have now been inscribed, according to the Litecoin Foundation.

That same month, meme token and digital artifacts using Ordinal inscriptions made their way to the original meme coin network, Dogecoin, by introducing the DRC-20 standard. Users began filling the blockchain by inscribing tokens into the smallest denomination of a Dogecoin, sometimes referred to as "shibes" or "koinu," after copying the Ordinals protocol to create Doginals.

Dogecoin saw an even heavier surge in activity than its contemporaries, at least in terms of daily transaction volume, which jumped from about 88,000 on Monday to over 1.1 million on Wednesday. Not everyone is convinced that the trend is strong enough to last, however.

Something like this cannot become a real feature because it has not had enough thought given to it, Dogecoin core developer Patrick LoddertoldDecrypt this week. Furthermore, he believes that the impact on the broader network will cool the hype, adding that sustained and growing pressure on Dogecoin will cause this to die off quickly."

Editor's note: This article was updated after publication to clarify the terms used to describe the smallest unit of a Dogecoin.

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Meme Tokens and NFTs Took Over BitcoinNow It's Happening on ... - Decrypt

Over the past few months, the likelihood of a recession in the United States economy has increased, coinciding with the Federal Reserves efforts to address the challenge of containing inflation.

Amid mounting concerns, Bloombergs senior commodity strategist, Mike McGlone, has asserted that all indicators suggest an inevitable recession is on the horizon.

According to McGlone, the economy is tilting towards a recession, pointing to factors such as the Federal Reserves tightening policies, underscored by the interest rate hikes, he said during an interview with Blockworks Macro on May 17.

We are tilting down towards a severe recession that hasnt even started, and all the indications are right now. <> Theres nothing I see on the radar up close that what can stop this downward trajectory at the moment, he said.

He pointed out that some indicators include potential earnings contraction, stagnant market performance, declining natural gas and copper prices, and historically low unemployment rates.

At the same time, despite expectations of a turnaround once the Federal Reserve implements monetary easing in response to its tight policies, the strategist predicts that such a reversal is unlikely based on historical patterns. Indeed, he projected a challenging future for most investment products, such as cryptocurrencies and equities.

Moreover, McGlone anticipates a challenging phase for altcoins, foreseeing a substantial correction as the stock market undergoes a downward trajectory.

The strategist also offered insight into Bitcoin (BTC), suggesting it is poised to establish a new bear market bottom amid this period of market turbulence. Interestingly, he anticipates a market downturn that will likely wipe out most cryptocurrencies.

My base case is [the S&P 500 index] is going to 3,000, Bitcoins going to go down, I dont know how far. It might make a new low. <> Cryptos will go down real hard. Were going to purge some of these 24,000 cryptos. Get rid of some. Theyre just silly. But Bitcoin, Ethereum will come out ahead, he added.

McGlone asserts that despite a stock market crash, Bitcoins performance is unlikely to surpass that of other assets.

If we dont go down the stock market, I dont fully expect Bitcoin to outperform in that case. So theres kind of a win-win, he said.

In the meantime, Bitcoin continues to trade below $27,000 after failing to build momentum above $30,000. By press time, the maiden cryptocurrency was trading at $26,894.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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'Severe recession' unavoidable, finance expert warns, shares ... - Finbold - Finance in Bold

BitcoinBTC, ethereum and cryptocurrencies have been catapulted back into the limelight this year by the U.S. regional banking crisis that could be just getting started.

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The bitcoin price has almost doubled since falling to lows of around $15,000 per bitcoin late last year, with ethereum, the second-largest cryptocurrency, climbing along with itdespite cofounder Vitalik Buterin issuing a serious bull run warning.

Now, another ethereum cofounder, Charles Hoskinson, who went on to create ethereum rival cardano, has warned the banking crisis is going to be worse than the 2008 global financial crisis that led to the creation of bitcoin.

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"In 2008, we had $373 billion in tied-up assets," Hoskinson, who created ethereum along with Buterin, Joe Lubin and five others in 2014, told Fox Business, referring to to the combined $373 billion in assets that failed banks held in 2008.

CardanoADA, which Hoskinson created in 2016, has become the world's seventh-largest cryptocurrency with a market capitalization of $13 billion, compared to bitcoin's $566 billion and ethereum's $232 billion.

"I think were over $540 billion now just in the 2023 crisis. Were just getting started. That whole business model is falling apart when you give it a little bit of a push and then you lose these institutions like Silicon Valley Bank and they get so politicized and they get so globalized."

In March, sudden deposit flight from Silicon Valley Bank and Signature Bank forced the Federal Reserve to step in with emergency measures but panic spread to Switzerland's Credit Suisse, which had to be rescued by rival UBS.

This week, regulators seized First Republic BankFRC and sold its assets to JPMorgan, the largest U.S. bank by assets.

"Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan's chief executive, who played a key part in the 2008 financial crisis. JPMorgan, which already held over 10% of total bank deposits in the U.S., will see its net deposits increase by 3% as a result of the deal, according to Wells FargoWFC analysts.

"Whats going to happen is too big to fail is just going to lead to bigger institutions," Hoskinson said. "Weve seen this story in 2008. And this is the rerun. I dont think anybody wants to watch it."

The 2023 banking crisis has been partly triggered by the Fed's rapid series of interest rate hikes over the last year, with rates this week climbing to levels not seen since before 2008 in an attempt to rein in soaring inflation.

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Others have meanwhile warned the banking crisis could balloon out of control if confidence in the system is restored.

"Confidence in a financial institution is built over decades and destroyed in days. As each domino falls, the next weakest bank begins to wobble," Bill Ackman, chief executive of the New York hedge fund Pershing Square, posted to Twitter.

"We are running out of time to fix this problem. How many more unnecessary bank failures do we need to watch before the FDIC [Federal Deposit Insurance corporation], and our government wake up? We need a systemwide deposit guarantee regime now."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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Worse Than 2008Bitcoin And Crypto Now Braced For $540 Billion Crisis, Ethereum Cofounder Warns After Price Boom - Forbes

Bitcoin. Photo by Getty Images

Bitcoin has soared more than 74% to start 2023, but the world's most popular token by market cap could more than double by next year, according to Bob Ras, cofounder of blockchain firm Sologenic.

A key catalyst will be the halving process, which is when the reward for miners is cut in half. It's meant to cut the supply of tokens and historically has sparked price increases.

"When bitcoin's halving kicks in a year from now, we'll likely be well on our way past the previous all-time high," Ras told Insider.

That would mean bitcoin soars past the $67,000 level reached in November 2021, up from about $29,000 on Friday.

Meanwhile, bitcoin appears to be front-running the belief that looser policy from the Federal Reserve is on the way, Ras explained.

The Fed on Wednesday hiked rates for the 10th consecutive time, but Wall Street widely expects that to be the last increase of this tightening cycle.

He thinks the token's rally points to a future that is effectively a return to lower rates and more quantitative easing.

Technical indicators, such as long-term moving averages, suggest upside and momentum, he said, but it's the broader landscape that will determine its performance the rest of the year. And he wouldn't be surprised if bitcoin hits $40,000 by the end of 2023.

"Coupled with signs of slowing [economic] growth, the changing macro picture is pointing towards a Fed that will likely soon have to cut interest rates and inject a lot of liquidity into the market," Ras said. "If the Fed doesn't do this, then we could face a serious contraction, punctuated by a possible credit crunch. Either way, all roads appear to be leading to a loosening of monetary policy sooner rather than later."

Ras isn't alone in his bullishness. Standard Chartered published a recent note that said bitcoin could soar to $100,000by the middle of next year, and Matrixport predicted that bitcoin could more than double to about $65,000 by next April.

As the banking crisis that started with Silicon Valley Bank in March continues to spark contagion fears, more retail and institutional investors have been turning to bitcoin as a hedge, Ras said.

That turmoil re-emerged over the past week as regulators seized First Republic on Monday and sold the bulk of its assets to JPMorgan, triggered sell-offs at regional banks PacWest Bancorp and Western Alliance.

"The banking crisis helped to cement the narrative of bitcoin serving as a key store of value that lacks the sort of counterparty risk of holding funds by way of bank deposits," Ras said. "Bitcoin offers protection by way of decentralization, self-custody and a network that has never been hacked."

But a credit crisis poses the biggest downside risk for bitcoin, he said. In such a scenario, bitcoin as well as gold, another traditional safe-haven investment, could see a sharp decline in value.

"I'm not sure such a scenario would happen," Ras said, "but it's possible and would unleash a tremendous amount of volatility, not only for bitcoin but all markets."

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Bitcoin could more than double and hit a new record high next year - Markets Insider

As US banks continue to fail, one would expect Bitcoin (BTC) to skyrocket in value and adoption. However, reality paints a different picture.

This article looks into the complexities of this digital currencys struggle as it grapples with regulatory challenges, environmental criticisms, and burgeoning competition.

Despite a rising tide of anti-bank sentiment, Bitcoins ascent remains stubbornly grounded. As the publics faith in traditional financial institutions wanes, Bitcoin, the original cryptocurrency, should be soaring. However, a confluence of factors, including regulatory uncertainty, environmental concerns, and rival digital currencies, has stymied its progress.

The 2008 financial crisis, followed by numerous banking scandals, has shaken the publics trust in traditional banks. Consequently, many have sought alternative financial solutions, which should have propelled BTC into the mainstream. As a decentralized currency that operates outside the realm of central banks and governments, Bitcoin promised to democratize finance and empower individuals.

Yet, despite its potential, Bitcoin struggles to gain widespread adoption. Regulatory uncertainty continues to create apprehension among potential users and investors. Governments and financial regulators worldwide grapple with the implications of digital currencies, imposing varying degrees of restrictions and guidelines. For example, in the United States, the SECs ongoing deliberations over the classification of cryptocurrencies as securities or commodities create a climate of doubt.

Furthermore, environmental concerns have cast a shadow over Bitcoins promise. The mining process, which requires significant computational power, consumes vast amounts of energy, leading to a substantial carbon footprint.

This has prompted criticism from environmentalists and the broader public, who are increasingly conscious of climate change and its impacts. The University of Cambridge estimates that Bitcoins annual energy consumption exceeds that of countries like Argentina or the Netherlands.

Finally, the rise of rival digital currencies has compounded Bitcoins challenges. As newer cryptocurrencies, such as Ethereum, Solana, and Cardano, gain adoption, each brings unique features and benefits that cater to different user needs. Some offer faster transaction speeds, lower fees, or improved privacy, presenting formidable competition for Bitcoin. These alternatives have fragmented the market, diluting Bitcoins once-dominant position.

As a result, Bitcoins growth remains stagnant despite the increasing disillusionment with traditional financial institutions. Its failure to capitalize on this opportunity can be attributed to the complex interplay of regulatory uncertainty, environmental concerns, and the expanding landscape of digital currencies.

One major factor inhibiting Bitcoins growth is the ever-present shadow of regulatory uncertainty. Governments worldwide grapple with the implications of this decentralized currency, attempting to strike a balance between innovation and security. Consequently, BTCs potential remains mired in a quagmire of doubt, deterring mainstream adoption.

Take China, for instance, where the government has implemented a blanket ban on cryptocurrency transactions. Such a hostile environment curtails Bitcoins expansion, leaving investors and users apprehensive.

Environmental concerns surrounding Bitcoin mining pose another obstacle. The energy-intensive process of validating transactions and securing the network has drawn widespread criticism, with detractors arguing that Bitcoins energy consumption rivals that of entire nations.

This tarnishes the cryptocurrencys image, discouraging potential supporters.

As a result, more eco-friendly alternatives have emerged, such as Ethereums transition to a proof-of-stake consensus mechanism, which significantly reduces energy usage. In this green-conscious world, Bitcoins environmentally unfriendly mining process puts it at a disadvantage.

As the pioneer of decentralized digital currencies, Bitcoin still reigns supreme. However, the advent of numerous alternative cryptocurrencies, each boasting distinct advantages and features, has diluted Bitcoins dominance. From privacy-focused Monero to the fast, low-cost transactions of Litecoin, these rivals chip away at Bitcoins market share.

The proliferation of decentralized finance (DeFi) projects, built primarily on Ethereums blockchain, further erodes Bitcoins stronghold. These innovative platforms offer financial services without intermediaries, addressing some of the very concerns that fueled anti-bank sentiment in the first place.

Despite these setbacks, Bitcoin is far from doomed. Several factors could propel its growth, thrusting it back into the limelight. For instance, the ongoing development of the Lightning Network promises to improve Bitcoins scalability, facilitating faster and cheaper transactions. This enhancement could rekindle enthusiasm for digital currency.

Moreover, as central banks explore the issuance of digital currencies (CBDCs), public interest in cryptocurrencies could surge. Bitcoin, as the most recognizable name in the space, may benefit from this heightened attention.

Finally, the institutional adoption of cryptocurrencies as a store of value or hedge against inflation could lend credibility to Bitcoin. As more companies MicroStrategy add Bitcoin to their balance sheets, the cryptocurrencys reputation may improve, spurring further investment.

The current state of BTC raises a crucial question: if not now, when? Will the cryptocurrency ever reach the dizzying heights of a $1 million valuation by 2023s end, as some predict? While the path remains uncertain, Bitcoins future hinges on its ability to overcome the challenges it faces today.

To succeed, Bitcoin must navigate the murky waters of regulatory uncertainty, adapt to a more environmentally conscious world, and outmaneuver its competitors. Only then can it capitalize on anti-bank sentiment and secure its position as a viable alternative to traditional finance.

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.

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Bitcoin Falters Amid Anti-Bank Sentiment: Why? - BeInCrypto