Pepe Coin Drives Bitcoin Fees Up?

Photo - Pepe Coin Drives Bitcoin Fees Up?
Memefrenzy is on and Pepe Coin seems to play a central role in it.
On May 6, the total amount of fees paid on the Bitcoin blockchain hit $5,263,442 million. This is a whopping increase compared to late April when the fees ranged between $400,000 and one million USD.
Source: Cryptofees

Source: Cryptofees

The data from other sources serves to confirm the increasing Bitcoin fees.

Per YCharts, the average Bitcoin transaction fee reached $8.841.
Source: YCharts

Source: YCharts

The reason for such a dramatic increase is likely due to the ongoing memefrenzy powered foremost by  Pepe Coin. 

Though launched just recently, this meme coin, which is aiming to compete with DogeCoin and Shiba Inu, is growing increasingly popular.

Coinmarketcap data shows that over the course of seven days, the coin’s price has grown exponentially, peaking at above $0.0000040 before settling at $0.000002779 at the time of writing. 
Source: Coinmarketcap

Source: Coinmarketcap

In spite of such a boost, Bitcoin price at the time of writing is hovering at just below $29,000. Meanwhile, Ethereum is trading at just above $1,900.

To find out more Pepe Coin, read our comperehensive overview.

Previously, Gagarin News reported that Pepe Coin is making Twitter headlines.