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The Rise of Memecoins and the Impact on Bitcoin Transaction Fees.

1 min read
Source: CoinDesk
The Rise of Memecoins and the Impact on Bitcoin Transaction Fees.
Photo: CoinDesk
TL;DR

Fees on the Bitcoin blockchain have surged to two-year highs as demand for block space increases due to the rising popularity of the Ordinals protocol and the 'Bitcoin Request for Comment' (BRC-20) tokens. The number of non-fungible tokens (NFTs) tied to the Bitcoin blockchain has surged above 3 million, mainly consisting of text-based assets. The BRC-20 token standard allows users to issue transferable tokens directly through the network, which has spurred a collection of digital artwork and meme tokens built on Bitcoin. However, the rapid transactional activity has caused network congestion, with nearly 415,000 unconfirmed Bitcoin transactions at writing time on Monday.

Topics:businesscryptocurrency#bitcoin#brc-20#cryptocurrency#nfts#ordinals-protocol#transaction-fees
Share this article
  1. Block Demand Leads to Fee Spike as Bitcoin-Based Memecoins Flourish  CoinDesk
  2. Bitcoin Block 788695: The Day Transaction Fees Took The Crown  NewsBTC
  3. Meme Coin Minting Shifts to BRC-20 After Ethereum Congestion  BeInCrypto
  4. Memecoin sends BTC fees to the moon, miner profits top $50B...  Cointelegraph
  5. BRC-20 tokens approach $1B market cap  CryptoSlate

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