Crypto exchange Binance shuts down Bitcoin, Withdrawal on May 7 due to alleged transaction overflow on the Bitcoin network.
At the time of writing, the Bitcoin mempool is clogged with over 400,000 pending transactions. The mempool is known as a "waiting zone" for incoming transactions before each node on the network independently validates them. Binance said on Twitter that BTC withdrawals had resumed after a pause of nearly an hour. Outflows from cryptocurrency exchanges peaked on May 7, rising to $187 million, according to CryptoQuant data.
The surge in BRC-20 transactions over the past few days is believed to have caused congestion due to meme coins like Pepe (PEPE). Memecoin transaction hype has pushed Bitcoin transaction fees to two-year highs. Fees paid on the Bitcoin blockchain totaled $3.5 million on May 3, up nearly 400 percent from the end of April, Cointelegraph reported.
Developed after Ethereum's ERC-20 token standard, BRC-20 is a recently launched experimental token standard that allows users to create and transfer fungible tokens on the Bitcoin blockchain. It is currently becoming a hotspot for meme tokens.
According to CoinMarketCap, the price of PEPE has increased by more than 263% in the last week. However, as of this writing, memecoin is down more than 7% after a 30% drop on May 6, as whales profited from the recent listing On Binance. Two Weeks AGO, Crypto Exchanges Mexc Global, Bitget, Gate.io, and Huobi Launched Pepe Trading Pairs, Kicking Office. Since the lau. nch of dogecoin in 2013, Memecoin Has Become a Vital PART of the Cryptocurrency World, creating and destroying wealth alike. Investopedia defines a memecoin as a cryptocurrency that stands for “a meme with a comic or animation [backed by] enthusiastic online traders and followers.”
