Memecoin hype drives Bitcoin transaction fees to multi-year highs
Despite the latest spike in Bitcoin transaction fees, the current BTC transaction cost is still far from all-time high levels. Bitcoin transaction fees surged in early May, reaching their highest point over the past two years, according to data from Crypto Fees. On May 3, the total amount of fees paid on the Bitcoin blockchain reached an amount of $3.5 million, jumping about 400% from late April. The average Bitcoin transaction fee reached as much as $7.2, according to YCharts. The ongoing trading frenzy of memecoins like Pepe Coin (PEPE) has triggered an unwanted consequence for Bitcoin (BTC), driving its transaction costs to multi-year highs. Total Bitcoin transaction fees between May 2021 and May 2023. Source: CryptoFees The latest increase in BTC transaction fees is largely attributed to a surge in Bitcoin activity involving BRC-20 transactions. According to data from Galaxy Research, 50% of all Bitcoin transactions on May 2 were related to BRC-20 transactions. Modeled after Ether...