Pepe Coin Drives Bitcoin Fees Up?
Memefrenzy is on and Pepe Coin seems to play a central role in it.
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On May 6, the total amount of fees paid on the Bitcoin blockchain hit $5,263,442 million. This is a whopping increase compared to late April when the fees ranged between $400,000 and one million USD.
Source: Cryptofees
The data from other sources serves to confirm the increasing Bitcoin fees.
Per YCharts, the average Bitcoin transaction fee reached $8.841.
Source: YCharts
The reason for such a dramatic increase is likely due to the ongoing memefrenzy powered foremost by Pepe Coin.
Though launched just recently, this meme coin, which is aiming to compete with DogeCoin and Shiba Inu, is growing increasingly popular.
Coinmarketcap data shows that over the course of seven days, the coin’s price has grown exponentially, peaking at above $0.0000040 before settling at $0.000002779 at the time of writing.
Source: Coinmarketcap
In spite of such a boost, Bitcoin price at the time of writing is hovering at just below $29,000. Meanwhile, Ethereum is trading at just above $1,900.
To find out more Pepe Coin, read our comperehensive overview.
Previously, GNcrypto reported that Pepe Coin is making Twitter headlines.
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