News

BRC-20 Transaction Fees Decline From May 8

Key Points:

  • According to Dune statistics, BRC-20 transaction costs fell to 88% on May 11 from a high of 255 BTC on May 8.
  • These costs have now been reduced for three days in a row.
  • Nevertheless, the transaction costs on May 11 accounted for just roughly 15% of total Bitcoin transaction fees on that day.
After the recent frenzy, the BRC-20 craze seems to be cooling down.

Dune data shows that on May 11, BRC-20-related transaction (minting, transfer and deployment) fees dropped to 30 BTC, a drop of 88% from the peak value on May 8.

Such fees have now fallen for three consecutive days. In addition, the transaction fees on May 11 only accounted for about 15% of all transaction fees for Bitcoin on that day.

Memecoins, which have seen a surge in popularity over the past few years, are starting to take over the Bitcoin network. Meme coins like PEPE and WOJAK have clogged the Ethereum network, and new BRC-20 tokens are now affecting the Bitcoin network.

These new meme coins are being minted using the standard. Daily minting fees on BRC-20 hit a record high of 255 BTC on May 8, according to data from Dune.

The entire market value of the tokens topped $1 billion on May 9.

The BRC-20 token standard is a new kind of fungible token that uses Ordinals and Inscriptions to construct and manage token contracts, token minting, and token transfers on the Bitcoin base chain.

Ordinals is a numbering system that allocates a unique number to each satoshi, 0.00000001 BTC, making it possible to monitor and transfer it. Meanwhile, the “inscription” process adds a layer of data to each satoshi, enabling users to build one-of-a-kind digital assets on the Bitcoin network.

Domo, a Twitter user, created the BRC-20 token standard on March 8. Presently, around 14,300 BRC-20 tokens are in use on Bitcoin, with an estimated 400 million tokens in use on Ethereum.

The Bitcoin network has seen its greatest degree of congestion in years as a consequence of an increase in activity linked to Ordianals and BRC-20s, resulting in a backlog of transactions owing to the limited block space available. According to Mempool data, there are presently over 287,000 unconfirmed transactions, and memory use has reached its limit.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

56 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.