Benzinga - Bitcoin (CRYPTO: BTC) transaction fees have recently soared, reaching a two-year high with the total fees paid on the Bitcoin blockchain amounting to $3.5 million on May 3, marking a 400% increase since late April.
YCharts data indicates that the average Bitcoin transaction fee peaked at $7.20.
The ongoing memecoin trading craze, featuring coins like Pepe Coin (CRYPTO: PEPE), has inadvertently pushed Bitcoin's transaction costs to multi-year highs.
The current spike in Bitcoin transaction fees is mainly due to a surge in the activity involving BRC-20 transactions.
Galaxy Research data shows, on May 2, BRC-20 transactions accounted for 50% of all Bitcoin transactions.
The BRC-20 token standard, an experimental standard inspired by Ethereum's ERC-20, enables users to issue and transfer fungible tokens on the Bitcoin blockchain.
Transaction fees on the #Bitcoin network yesterday reached their highest point in 2 years, both by mean sats/vbyte per transaction in daily cumulative fees paid. Half of all transactions yesterday related to BRC-20 transactions.