{"id":7144,"date":"2023-05-12T02:29:53","date_gmt":"2023-05-12T02:29:53","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=7144"},"modified":"2023-10-13T03:16:57","modified_gmt":"2023-10-13T03:16:57","slug":"market-roundup-meme-coins-fuel-transaction-fee-surge-and-brc-20-tokens-stir-bitcoin-controversy","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/market-roundup-meme-coins-fuel-transaction-fee-surge-and-brc-20-tokens-stir-bitcoin-controversy\/","title":{"rendered":"Market Roundup: Meme Coins Fuel Transaction Fee Surge and BRC-20 Tokens Stir Bitcoin Controversy"},"content":{"rendered":"

Welcome to the latest edition of our Market Roundup, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies.<\/span><\/p>\n

Fees on two blockchains have reached elevated levels over the past week. <\/span><\/p>\n

\"Token<\/p>\n

(<\/em>as of 1:15 AM UTC, May 12, 2023)<\/em><\/p>\n

Just two months after the BRC-20 protocol was created, tokens built on this standard surpassed US$1 billion market capitalization, and their rising popularity has pushed Bitcoin transaction fees to a level unseen since May 2021, when the price of BTC hit a peak of roughly US$64,000. The advent of BRC-20 tokens has sparked controversy and debate among the Bitcoin community, with some individuals initially interpreting the demand for block space as an attack on the Bitcoin network. But the adoption of BRC-20 tokens can be considered an important milestone for the Bitcoin protocol as it continues evolving and serving new purposes.<\/span><\/p>\n

Transaction fees on Ethereum also surged, reaching a 12-month high. This was driven by a meme coin frenzy, chiefly due to swaps for PEPE. But the PEPE has lost roughly 2\/3 of its value since its all-time high in the first week of May, and many traders have apparently moved on to seek profit elsewhere. Memecoin mania isn\u2019t quite over \u2014 one trader <\/span>paid 64 ETH<\/span><\/a>, or roughly US$118,000, in transaction fees to purchase US$155,000 worth of another meme coin, FOUR. Also, the Milady (LADYS) meme coin, which has no association with the Milady NFT collection, surged over 5,250% in 24 hours after Elon Musk tweeted about it.<\/span><\/p>\n

One thing is certain: traders and investors are still bullish on crypto and see it as a way to generate fresh profit.<\/span><\/p>\n

When investing in cryptocurrency or any other volatile asset, it\u2019s important to have a clear plan in terms of trading goals and the time horizon for an exit. Aside from conducting research to ensure your acquisitions fit your objectives, it\u2019s crucial to be clear-eyed about your trading strategy. Find out more by reading our <\/span>blog about trading styles<\/span><\/a>.<\/span><\/p>\n

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Web3 News<\/strong><\/h2>\n

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