The most discussed event in the crypto world was the overloading of the bitcoin network meme and the takeoff of the BRC20 meme coins on the first cryptocurrency's blockchain. However, bitcoin is a perfect mathematical algorithm that solved all the problems on its own.
The bitcoin network is starting to get rid of congestion, and transaction fees are down 90%. On May 8, the bitcoin network was overloaded with more than 500,000 unconfirmed transactions, causing a serious bottleneck in the system.
The good news, however, is that as transfer fees rise to $30 or more, the congestion clears on its own, leading in turn to a significant drop in fees, which have now dropped below $3.
Right now, there are only a little over 300,000 unconfirmed transactions waiting to be confirmed, and 185 more blocks need to be mined to clear this backlog.
This surge in demand can be attributed to the recent sudden increase in transactions as well as the boom in the BRC20 token economy. The good news is that the number of transactions is gradually falling, resulting in a significant decrease in fees on the network.
Just a few days ago, on May 8, the average transaction fee soared to $31 per transfer. Today, however, a high-priority transaction costs only $3.00.
The drop from $31 to $3.00 per transaction represents a reduction of more than 90%. In addition, recent statistics show that a low-priority transaction costs only $2.23, and a medium-priority transfer is valued at $2.65 per transaction. So far, the average block time has been below the ten-minute mark, averaging eight minutes 28 seconds and nine minutes 57 seconds, respectively.
The global hash rate remains stable at 342 hashes per second (EH/s) and the complexity may increase on May 18, seven days from now. The projected increase in complexity is expected to be approximately 0.1% to 1.94%.
At the same time, the meme token pepe (PEPE) has fallen more than 60% of its ATH, and the main shikkoin on BRC20 ORDI has collapsed 34% in the last 24 hours.
Bitcoin's algorithm has all the tools of self-regulation built into it. It's much more reliable than the manual market regulation that the U.S. Federal Reserve does.
In addition, it is impossible to bribe anyone, the algorithm will do everything without the interference of corrupt and not very smart people. It will even regulate the scam coins that decided to parasitize on top of the bitcoin blockchain.
Bitcoin sees just fine thinking and doing!
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