Crypto market intelligence platform IntoTheBlock has revealed a startling 3x increase in Bitcoin (BTC) transaction fees compared to last week. This surge coincides with the recent surge in popularity of BTC-based memecoins, which has led to a spike in network activity. The rise in fees can be attributed to the increased demand for BTC transactions, particularly among retail investors seeking to capitalize on the latest crypto trend. As more people attempt to acquire memecoins, the network becomes congested, resulting in higher fees for users. This spike in fees highlights the challenges facing the Bitcoin network as it grapples with scalability issues. While the recent surge in memecoin activity may be a passing fad, it serves as a reminder of the need for continued development and innovation in the cryptocurrency space.

#BTC