Bitcoin network fees skyrocket amid upcoming halving

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The typical charge on the Bitcoin community jumped to $19.48 because the halving approaches.

In line with BitInfoCharts, charges on the Bitcoin community have elevated considerably because the Runes protocol is about to launch. On April 18, the typical fee reached $19.48, rising by nearly $14 because the starting of the month.

Bitcoin network fees skyrocket amid upcoming halving - 1
Supply: BitInfoCharts

The rise on this indicator is probably going as a result of launch of the Runes protocol by Casey Rodarmor, which was positioned as an easier various to Ordinals. Rodarmor claimed that the primary drawback with BRC-20 tokens is that they clog the community.

The Runes protocol goals to unravel this drawback by working autonomously with out requiring Ordinals and permitting for extra environment friendly transactions. Some tasks, together with the NFT assortment PUPS, introduced the discharge of tokens primarily based on the brand new commonplace upfront.

PUPS is an experimental BRC-20 token on the BTC blockchain. After the halving scheduled for April 20, builders plan to switch the asset to the Runes protocol. Over the previous week, positioning itself as “the primary meme coin on the Bitcoin community,” the PUPS token has skilled an explosive value improve of over 1,200%.

The asset’s capitalization, launched in January of this yr, and presently stands at $439 million. In the meantime, the buying and selling quantity of the PUPS meme coin exceeds $5.4 million.

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