Binance closes BTC withdrawals amid congestion on the Bitcoin community

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Crypto change Binance closed Bitcoin (BTC) withdrawals on Might 7 as a consequence of an alleged overflow of transactions on the Bitcoin community. 

Bitcoin mempool was clogged with over 400,000 transactions ready to be processed on the time of writing. The mempool is called the “ready space” for incoming transactions earlier than they’re verified independently by every node on the community.

Bitcoin mempool at 16:42 UTC on Might 7. Supply: mempool.area

Binance tweeted that BTC withdrawals had resumed after almost an hour of halting. Outflows on the crypto change peaked on Sunday, rising to $187 million, in keeping with knowledge from CryptoQuant.

Behind the congestion is believed to be a surge in BRC-20 transactions in the previous few days as a consequence of memecoins like Pepe (PEPE). The memecoin buying and selling hype drove Bitcoin transaction charges to their highest level in two years. On Might 3, the overall quantity of charges paid on the Bitcoin blockchain reached $3.5 million, leaping almost 400% from late April, Cointelegraph reported.

Bitcoin outflow on Binance over the previous seven days. Supply: CryptoQuant. 

Developed after Ethereum’s ERC-20 token customary, BRC-20 is an experimental token customary just lately launched that enables customers to create and switch fungible tokens on the Bitcoin blockchain. It’s at the moment changing into a scorching spot for meme tokens. 

CoinMarketCap’s knowledge reveals that PEPE’s worth has climbed over 263% within the final week. As of writing, the memecoin is down over 7% after dropping over 30% on Might 6 as whales profited from Binance’s latest itemizing. Two weeks prior, crypto exchanges MEXC International, Bitget,, and Huobi listed PEPE buying and selling pairs, kicking off the token hype.

For the reason that introduction of Dogecoin in 2013, memecoins have develop into a significant a part of the cryptocurrency world, making and ruining fortunes alike. Investopedia defines a memecoin as a cryptocurrency represented “with comical or animated memes, which can be supported by enthusiastic on-line merchants and followers.”

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