Block Demand Leads to Fee Spike as Bitcoin-Based Meme Coins Flourish
Fees on the Bitcoin blockchain have surged to two-year highs as the ‘Bitcoin Request for Comment’ (BRC-20) tokens and the rising popularity of the Ordinals protocol drives demand for block space. The number of non-fungible tokens (NFT) tied to the Bitcoin blockchain surged above 3 million last week after a one-day spike in activity that mainly consisted of text-based assets, data from Dune Analytics showed.
Average transaction fees on the Bitcoin network were hovering at just under $20 during European hours on Monday, a bump from last week’s average $1.20 level. Such levels were previously seen in May 2021, when bitcoin prices set a then-record peak of $60,000. The tokens, called inscriptions, function on the Ordinals Protocol. Ordinals allows users to embed data into the Bitcoin blockchain by inscribing references to digital art into small bitcoin (BTC)-based transactions. 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.
Source
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