Giant cryptocurrency exchange Binance stated that it stopped withdrawals, stating that the Bitcoin mempool was clogged with more than 400,000 transactions waiting to be processed on May 7! Here are the details…
Giant cryptocurrency exchange Binance has stopped Bitcoin (BTC) transactions!
Crypto exchange Binance closed Bitcoin withdrawals on May 7 due to allegations that transactions on the Bitcoin network were blocked. The Bitcoin mempool has been clogged in the past hours with over 400,000 transactions waiting to be processed. Bitcoin Mempool can be defined as the place where all valid transactions wait to be confirmed by the Bitcoin network. That is, a Mempool is a pool where a transaction waits after being verified by the node until it is received by a BTC miner and placed in a block.
After that, the giant cryptocurrency exchange Binance stopped BTC withdrawals for about an hour. Announcing that it was restarted after this trading pause, Binance thanked the investors for their patience.
$BTC withdrawals are now resumed on #Binance.
Thank you for your patience and we apologize for any inconvenience.
— Binance (@binance) May 7, 2023
On the other hand, some data on Bitcoin worries investors. Outputs on the giant crypto exchange Binance peaked on Sunday, rising to $187 million, according to cited CryptoQuant data.
Meme coin transfers could be the reason behind the bottleneck!
On the other hand, experts believe that the reason behind the congestion is the increase in BRC-20 transactions due to memecoins like PEPE. As you know, many memecoins have been on the rise under the leadership of PEPE in the past weeks. The transaction frenzy in Memecoins has brought Bitcoin transaction fees to the highest point in the last two years. However, according to the data, the total amount of fees paid on the BTC blockchain on May 3 reached $ 3.5 million, an increase of about 400 percent compared to the end of April.
Developed after Ethereum’s ERC-20 token standard, BRC-20 is a recently introduced experimental token standard that allows users to create and transfer exchangeable tokens on the Bitcoin blockchain. Currently, the meme has become a hot spot for coins.
On the other hand, the data for PEPE, which attracts attention with the listing of crypto money exchanges such as Binance, MEXC Global, Bitget, Gate.io and Huobi, shows a decrease. Data from CoinMarketCap shows that the price of PEPE has risen over 263 percent in the past week. But at the time of this writing, memecoin has lost more than 7 percent after a 30 percent drop on May 6 as whales profited from Binance’s latest listing. However, since the launch of Dogecoin in 2013, memecoins have become an important part of the cryptocurrency world, making both fortunes and regrets some investors. That’s why experts continue their risk warnings for meme coin projects.
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