Meme coins running on the Bitcoin Blockchain seem to be at risk. Because Bitcoin Blockchain coders/validators want to remove these coins. This is based on the strong network activity caused by Bitcoin-based meme coins like PEPE. Because this intensity caused the big fluctuation in gas prices in the Bitcoin network last May. Here are the details…
Bitcoin validators targeted these coins
The price of PEPE has plummeted with the news that BTC validators want to remove meme coins from the network. The PEPE price has dropped more than 6 percent in the past 24 hours. As of now, PEPE is trading at $0.0000012. This led to a major bottleneck in the Bitcoin Blockchain at one point. It also forced crypto exchange Binance to stop withdrawals. Now, BTC advocates and coders think that any future crazy trades for memecoins like PEPE will clog the network while disrupting Bitcoin’s use for payments or as a store of value. BTC coders are considering using software that will act as a spam filter and block memecoin transactions. Speaking to Bloomberg, Bitcoin developer Ali Sherief said:
I think the system has been abused. Bitcoin was never designed as a base layer for memecoins. The worthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.
There are 25,000 meme coins on the blockchain
However, others working on the BRC20 standard, which allows the BTC Blockchain to host large numbers of NFTs, memecoins, and other digital collectibles, have also started advocating Bitcoin Ordinals. cryptocoin.com As we reported, developer Casey Rodarmor created Ordinals. It allowed users to write digital content on Satoshis, Bitcoin’s smallest unit. Subsequently, the development of Bitcoin Request for Comment, BRC-20, led to a massive memecoin boom. Currently, the BTC Blockchain is home to 25,000 memecoins with a total market cap close to roughly $500 million.
At one point in the last month of May, NFTs alone accounted for 65 percent of the total transactions on the BTC Blockchain. Over the past month, the average fee per transaction has climbed as high as $30 before dropping to $4 at the end of the month. However, this jump in gas fees has proven to be a boon for BTC miners, who alone have earned $45 million from Ordinals-related activities.
BTC developer Luke Dashjr also categorized Ordinals transactions as spam. He believes they should be kept out of the Bitcoin network. “Action should have been taken months ago,” Dashjr said in one of the developer groups. Spam filtering has been a standard part of Bitcoin Core since day one,” he said. Other crypto advocates have also proposed some interesting solutions. Some have suggested the possibility of creating a hardfork version of the Bitcoin Blockchain that only supports Ordinals.
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