The average fee on the bitcoin network jumped to $19.48 as the halving approaches.
According to BitInfoCharts, fees on the bitcoin network have increased significantly as the Runes protocol is about to launch. On April 18, the average commission reached $19.48, increasing nearly $14 since the beginning of the month.
<img decoding="async" width="1024" height="187" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-18-at-19.55.58-1024×187.png” alt=”bitcoin Network Fees Soar Amid Upcoming Halving – 1″/>
The increase in this indicator is probably due to the release of the Runes protocol by Casey Rodarmor, which was positioned as a simpler alternative to Ordinals. Rodarmor stated that the main problem with BRC-20 tokens is that they clog the network.
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The Runes protocol aims to solve this problem by working autonomously without requiring Ordinals and allowing for more efficient transactions. Some projects, including the nft collection PUPS, announced in advance the launch of tokens based on the new standard.
PUPS is an experimental BRC-20 token on the btc blockchain. After the halving planned for April 20, the developers plan to transfer the asset to the Runes protocol. Over the past week, positioning itself as “the first meme coin on the bitcoin network,” the PUPS token experienced an explosive price rise of over 1,200%.
The capitalization of the asset, launched in January of this year, currently amounts to 439 million dollars. Meanwhile, the trading volume of the PUPS meme coin exceeds $5.4 million.
