BRC-20 tokens saw a sharp decline as investor focus shifted toward Bitcoin Runes, which are also at risk of a major correction.
The two largest BRC-20 tokens saw over 40% declines on the weekly chart, days ahead of the Bitcoin halving. Meanwhile, traders are shifting their focus to Bitcoin Runes, a new token standard on Bitcoin that makes it easier for users to create fungible tokens.
BRC-20 tokens Ordinals (ORDI) and Sats (SATS), the two largest BRC-20 tokens by market capitalization, saw significant declines. ORDI fell over 42%, while SATS fell over 45% over the week, according to CoinMarketCap data.
BRC-20 token sales have also been declining. PUPS BRC-20 sales fell by 30% in the past 24 hours to $1.4 million, while WZRD BRC-20 sales fell 63% to $1.1 million, according to NFT data aggregator CryptoSlam.