The average transaction fee on the Bitcoin network has risen to its highest level in nearly two years, according to data from Glassnode. The spike in network fees has been attributed to a renewed interest in meme coins, such as PEPE and SPONGE, which has ignited a surge in transactions relating to the experimental BRC-20 token standard. The BRC-20 standard allows users to issue and transfer fungible tokens via the Bitcoin blockchain.
This craze has also brought new users to the network, with addresses with a non-zero BTC balance hitting a new record high above 46 million. Meanwhile, Bitcoin's near-term technicals look solid, with the cryptocurrency probing for a bullish breakout of a pennant structure that it has been confined within since mid-April.
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