Bitcoin Transaction Costs Surge to Two-Year High Amid Memecoin Trading Frenzy

Bitcoin’s (BTC) transaction costs have reached their highest level in two years as a result of the ongoing trading frenzy of memecoins like Pepe. The total fees paid on the Bitcoin network as of May 3 increased by roughly 400% from late April to $3.5 million.

The BRC-20 token standard for Bitcoin has emerged as the newest development in the cryptocurrency industry as memecoins gain popularity. The BRC-20 standard has been used to create 8,500 different tokens. On the Ethereum blockchain, gas costs have also recently been rising sharply and reaching new multi-month highs.