{"id":314292,"date":"2023-05-19T00:00:44","date_gmt":"2023-05-18T18:30:44","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=314292"},"modified":"2023-05-18T18:09:39","modified_gmt":"2023-05-18T12:39:39","slug":"can-bitcoin-benefit-from-the-meme-craze-data-suggests","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-bitcoin-benefit-from-the-meme-craze-data-suggests\/","title":{"rendered":"Can Bitcoin benefit from the meme craze? Data suggests&#8230;"},"content":{"rendered":"<ul>\n<li><em>Bitcoin network observes growth as interest in memecoins increases.<\/em><\/li>\n<li><em>Miner revenues begin to decline.\u00a0<\/em><\/li>\n<\/ul>\n<p>The crypto market has been flooded with memecoins such as PEPE recently. Users have been flocking to memecoins and the interest in them peaked again. An unlikely recipient of the hype was <a href=\"http:\/\/ambcrypto.com\/can-bitcoins-latest-milestone-help-improve-the-state-of-the-btc-network\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s Price Prediction 2023-2024<\/a><\/p>\n<hr \/>\n<h4>Bitcoin joins the party<\/h4>\n<p>According to data provided by Messari, memecoins weren&#8217;t gaining traction on Ethereum scaling solutions, but have been making their mark on the Bitcoin network.<\/p>\n<p>These memecoins were able to spread to the network due to the novel BRC-20 standard built on the Ordinals protocol.<\/p>\n<p>The rising interest in memecoins impacted the daily transaction fees that were being generated on the network. The data indicated that BRC-20 Ordinal transactions generated more than $1.5 million in daily fees.<\/p>\n<p>Even though general transactions still make up a majority of the fees generated on the network, a large share of it was now generated by BRC-20 transactions.<\/p>\n<figure id=\"attachment_314310\" aria-describedby=\"caption-attachment-314310\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD.jpeg\"><img decoding=\"async\" class=\"wp-image-314310 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD.jpeg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD.jpeg 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwX0f__aMAEivUD-768x432.jpeg 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-314310\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p>However, the amount of standard Bitcoin transactions has started to decline.<\/p>\n<p>In May, there was a significant decrease in Bitcoin&#8217;s activity, coinciding with a market-wide price correction.<\/p>\n<p>This decline in activity was noteworthy as it marked the first time since July 2021 that the number of daily unique Bitcoin addresses fell below 800,000.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_314318\" aria-describedby=\"caption-attachment-314318\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-scaled.jpeg\"><img decoding=\"async\" class=\"wp-image-314318 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-scaled.jpeg\" alt=\"\" width=\"2560\" height=\"1567\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-300x184.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-1024x627.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-768x470.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-1536x940.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXahx0aUAAAB6v-2048x1253.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-314318\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4>Impact on miners<\/h4>\n<p>The falling transactions on the Bitcoin network could impact the state of Bitcoin miners and their earning capacity. At press time, the daily revenue being generated by miners dropped from $41.72 million to $29.44 million in the last few days.<\/p>\n<figure id=\"attachment_314329\" aria-describedby=\"caption-attachment-314329\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue.png\"><img decoding=\"async\" class=\"wp-image-314329 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue.png\" alt=\"\" width=\"1200\" height=\"600\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue.png 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue-300x150.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue-1024x512.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/miners-revenue-768x384.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-314329\" class=\"wp-caption-text\">Source: Blockhain.com<\/figcaption><\/figure>\n<p>Additionally, there was a recent upward trend in hash rate, which reached a historic high of 350 tera-hashes per second, based on a 30-day moving average.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>A high hash rate enhances the overall security and stability of the network by making it more resistant to potential attacks.<\/p>\n<p>However, a high hash rate increases competition among miners. Thus, making it more challenging for individual miners to earn rewards due to the higher computational power required.<\/p>\n<figure id=\"attachment_314331\" aria-describedby=\"caption-attachment-314331\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp.jpeg\"><img decoding=\"async\" class=\"wp-image-314331 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp.jpeg\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp.jpeg 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/FwXCpEjWAAAKxdp-1536x864.jpeg 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-314331\" class=\"wp-caption-text\">Source: glassnodein<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin activity sees an upitck as interest in memecoins begins to rise. <\/p>\n","protected":false},"author":73,"featured_media":314345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-314292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Bitcoin benefit from the meme craze? 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