Crypto alternate Binance closed Bitcoin (BTC) withdrawals on Might 7 on account of an alleged overflow of transactions on the Bitcoin community.
Bitcoin mempool was clogged with over 400,000 transactions waiting 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.
We have briefly closed $BTC withdrawals because the #Bitcoin community is experiencing a congestion challenge.
Our staff is presently engaged on a repair till the community is stabilized and can reopen $BTC withdrawals as quickly as attainable.
Relaxation assured, funds are SAFU.
— Binance (@binance) May 7, 2023
Behind the congestion is believed to be a surge in BRC-20 transactions in the previous few days. The buying and selling frenzy on memecoins like Pepe (PEPE) drove Bitcoin transaction fees to their highest point in two years. The PEPE token has jumped over 263% prior to now 7 days, according to CoinMarketCap.
Developed after Ethereum’s ERC-20 token standard, BRC-20 is an experimental token customary lately launched that enables customers to create and switch fungible tokens on the Bitcoin blockchain.
This can be a growing story, and additional info will likely be added because it turns into accessible.
