Meme coins that are currently running on the Bitcoin blockchain might be at risk as developers are arguing to remove them. Several people believe that the sole reason for taking such a step is due to the increased gas prices on the blockchain. At the same time, gas prices surged significantly because of strong network activity driven by a number of memecoins, like PEPE.
Similarly, this issue resulted in a severe logjam on the blockchain, and Binance was forced to halt BTC withdrawals. The Bitcoin coders are considering deploying a certain software that would work as a spam filter, and block memecoin transactions at the same time.
Furthermore, a developer, Ali Sherief, stated,
“I do think the system is being abused. Bitcoin was never intended to serve as a base layer for meme tokens. Worthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.”
The Future of Meme Coins on the Blockchain Network
Despite several Bitcoin developers displaying an aggressive stance toward meme coins on the blockchain, a few of them have come out in defense of Bitcoin Ordinals. Ordinals enable the Bitcoin blockchain to host a considerably large number of meme coins as well as NFTs and have the potential of having wider applications.
However, many developers criticize Ordinals as spam, arguing that it should be kept off the Bitcoin blockchain. These developers believe that they made a mistake by not taking the necessary action the moment Ordinals was launched, and state how spam filtration has been an integral part of Bitcoin since day 1.
To resolve this issue, a series of interesting proposals have emerged from the masses. A great percentage of them have suggested the creation of a separate version of the Bitcoin blockchain that would only support Ordinals.
Memecoins to Come Tumbling Down on the Bitcoin Network
Just last month, meme coins and NFTs accounted for approximately 65% of activity on the Bitcoin blockchain. Currently, the proportion has dropped back but remains to be considerably elevated. The fee per transaction managed to hit the $30 mark during early May but dropped back to $4 by the end of the month.
With the news surrounding the exclusion of meme coins on the blockchain, the price of the meme coin, PEPE, was subject to great turbulence. At the time of writing, PEPE has plunged by almost 6.33% in the previous 24 hours. The decline has pulled the trading price of the meme coin down to $0.00000119, and the market cap currently stands at the $467 million mark.