Binance suspends Bitcoin withdrawals due to network congestion


On May 7, there were approximately 400 thousand unprocessed Bitcoin transactions in the mempool.

More than 400 thousand unconfirmed Bitcoin transactions have accumulated in the mempool. Until each node in the network independently verifies incoming transactions, they are stored in the “waiting area” known as the mempool.

Almost an hour after they stopped, Binance users may once again withdraw BTC, according to a tweet. According to statistics provided by CryptoQuant, outflows from the cryptocurrency exchange reached a record high of $187 million on May 7.

Memecoins like Pepe (PEPE) is suspected to be to blame for the recent increase of BRC-20 transactions, which has led to the snarl. The trading of memecoins caused Bitcoin transaction costs to rise to their highest level in two years. According to Cointelegraph, Bitcoin blockchain fees topped $3.5 million on May 3, up roughly 400% from late April.

Inspired by Ethereum’s ERC-20 token standard, the newly-introduced BRC-20 lets users issue and trade fungible tokens on the Bitcoin network. Meme tokens are getting more popular there.

The price of PEPE has increased by more than 263% in the last week, as measured by statistics from CoinMarketCap. While whales made a killing off of Memecoin’s 30% decline on May 6, the coin is down over 7% as of this writing. The token buzz was launched two weeks ago when trading pairs for PEPE were added to the cryptocurrency exchanges MEXC Global, Bitget,, and Huobi.

Since Dogecoin’s release in 2013, memecoins have been widely used in the cryptocurrency market, with significant financial consequences.

Also Read: Yakovenko Believes Solana ($SOL) Will Meet All of the World’s Demands for Blockchain Technology

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