Meme Coin Craze Overwhelms BTC Network, Fees Skyrocket

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Minting fees for BRC-20 hit a record 247 BTC on May 7, as viewed in Dune Analytics with the total fee of 641 BTC of the ordinals. The chart indicates high fees since April when daily transactions hit a record due to ordinals. Additionally, on May 7 fees exceeded 400 BTC, a massive 18-fold increase in just a month.

BRC-20 tokens dominate the Bitcoin network with 14,079 meme coins reaching a market cap of $541 million. Meme coins moving to BRC-20 due to Ethereum network congestion, leading to original NFT growth.