PEPE Sparks Memecoin Trading Interest, New Challenges Emerge

PEPE Sparks Memecoin Trading Interest, New Challenges Emerge

Time Stamp: May 9, 2023 3:46 AM
Source Node: 2638627
  1. Memecoin minting and trading has come to life thanks to PEPE.
  2. This surge in interest has led to high transaction fees due to network congestion.
  3. Twitter crypto community leaders share their thoughts on the need for improvements.

The recent boom of Pepe (PEPE) token has ignited a new spark for memecoin minting and trading. This caused an influx of memecoin minting and trading on the Ethereum network. In turn, the network is congested and transactions have been halted due to high fees. 

Memecoin popularity and network congestion has pushed users to mint memecoins on the Bitcoin network. Now these BRC-20 memecoins have brought congestion onto the Bitcoin platform as well. 

According to the tweet above, there are over 400,000 pending transactions on the Bitcoin network. In fact, it seems that Binance too has haunted transactions due to the ridiculously high transaction fees. 

The tweet goes on to specify how the user had before warned the crypto community that this would happen. The user highlights how Bitcoin too has its flaws. Right now, she says, Bitcoin has an exploit and needs to be fixed. 

Presently, it seems that many are uploading ‘useless data’ to the Bitcoin network to make it slow and expensive. The post says that by bloating the network we are seeing a major effect of this flaw. By uploading 1 NFT collection, the network has almost come to a standstill.

The user hopes nodes and miners will come together to fix this problem instead of letting greed win over. In a similar line of thought, another Twitter thread addresses the same issue. Here, it highlights the 185,600+ pending transactions on Ethereum.

This points out how memecoin season has brought congestion to both pioneer blockchain networks. In response, another user reminds the community that neither blockchains were created to finalize artworks. The post says Solana and Sui are better options for this. 

All in all, this user says all these issues are good for the industry as it will boost the push for the Lightning network more than ever. It also states how Ethereum is batching Arbitrum, MATIC, and Optimism.

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