PEPE memecoin fever drives Bitcoin transaction fees to multi-year highs - Start Up Gazzete
Get In Touch
541 Melville Ave, Palo Alto, CA 94301,
Ph: +1.831.705.5448
Work Inquiries
Ph: +1.831.306.6725

PEPE memecoin fever drives Bitcoin transaction fees to multi-year highs


Despite the latest hike in Bitcoin transaction fees, the current cost of BTC transactions is still far from all-time highs.

Bitcoin transaction fees skyrocketed in early May, reaching their highest point in the past two years, according to data from Crypto Fees.

On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, which is a jump of nearly 400% since the end of April. The average fee per Bitcoin transaction reached $7.2, according to YCharts.

The current trading frenzy for memecoins like Pepe Coin (PEPE) has triggered an unintended consequence for Bitcoin ( BTC ): its transaction costs rising to multi-year highs.

Total Bitcoin transaction fees between May 2021 and May 2023. Source: CryptoFees

The latest increase in BTC transaction fees is mainly attributed to an increase in Bitcoin activity related to BRC-20 token transactions. According to data from Galaxy Research, 50% of all Bitcoin transactions on May 2 were related to BRC-20 token transactions .


Modeled after Ethereum’s ERC-20 token standard , BRC-20 is an experimental token standard that allows users to issue and transfer fungible tokens on the Bitcoin blockchain. The standard was introduced in March 2023 by a pseudonymous analyst for the network known as Domo.

The BRC-20 token standard has quickly become a major trend in the cryptocurrency industry , especially amid the strong growth of the PEPE memecoin. The token has appreciated more than 600% in the last seven days, hitting its all-time high of $0.00000216 on May 5.

PEPE 30 day chart. Source: CoinGecko

The Bitcoin blockchain is not the only one affected by the current memecoin hype . Gas fees on the Ethereum blockchain have also skyrocketed to new multi-month highs recently.

On May 2, ETH transaction fees reached an aggregate amount of more than $19 million, a level not seen since May 2022, according to Crypto Fees. The Ethereum blockchain remains the most expensive network in terms of transaction fees at the time of writing.

Despite the latest spike in Bitcoin network transaction fees, the current BTC transaction cost is still far from its all-time highs. The highest Bitcoin transaction fees were recorded in April 2021, when the average cost of a BTC transaction almost reached $70 amid a significant decline in the Bitcoin network hash rate. The previous high point in BTC transaction fees was in 2017, with transaction costs exceeding $60.

Author avatar
Joshua Smith

Post a comment

Your email address will not be published. Required fields are marked *

Este sitio web utiliza cookies para que usted tenga la mejor experiencia de usuario. Si continúa navegando está dando su consentimiento para la aceptación de las mencionadas cookies y la aceptación de nuestra política de cookies, pinche el enlace para mayor información.plugin cookies

Aviso de cookies