Memecoin on Bitcoin broke commissions on the network

On October 30, 2024, fees on the Bitcoin (BTC) network spiked for about an hour. This occurred during the process of coining the memecoin Memento Mori, created with the Runes protocol.

According to the mempool developer, who on X calls himself mononaut, the data reflects a fluctuation in transaction fees (fees) in Bitcoin «between 5 and 989 satoshis per virtual byte (sat/vB)” during that period, indicating a high competition between users because their transactions were included in the next blocks.

A satoshi is the smallest unit of Bitcoin (1 BTC = 100,000,000 satoshis), while a virtual byte (vB) is a measure of the minimum size of a transaction. Rates are calculated in satoshis per virtual byteindicating how many satoshis are paid for each byte of transaction data.

The wide variation in rates reflects how users were willing to pay more to have your transactions confirmed quickly, temporarily raising the average cost per transaction before it stabilizes again.

However, CriptoNoticias reviewed one of those blocks in which there was a noticeable increase in sat/vB rates and the range was widely larger than that mentioned by mononaut.

For example, in the following image taken from mempool It can be seen that in block 868188 there was a rate range (satoshis per vB) between 3 and 24,436 sat/vB. This caused the gigantic curve in transaction fees paid by users in this block. For example, the median rate that a user paid was $71, with some of them even able to pay more.

In turn, this block contained a total of 7,236 transactions and a total amount of 10.44 BTC transaction fees (at the time it was equivalent to more than $755,000). This amount is paid by all users who had their operations included in that block.

On the other hand, an average block, according to Bit Info Chartshas a transaction fee rate of around 7.3 sat/vB, which is equivalent at the time of this article to approximately $0.60. Regarding the number of transactions, each block stores an average of between 2,000 and 4,000, depending on and Charts.

The selectivity of transactions (paid by users) is based on a priority system executed by BTC miners.

These fees in Bitcoin are determined by the demand for block space. When many people try to make transactions at the same time, fees increase because Miners prioritize transactions with higher fees to obtain greater profitability for processing transactions.

For users, this means that during that period of high activity, transactions may have been more expensive and slower to confirm. Once activity subsided, fees returned to more normal levels, facilitating cheaper and faster transactions.

Mori Moment, a memecoin inspired by transience

The memecoin Momento Mori (MEMENTO MORI) was created by Casey Rodarmor, who also developed the protocols that operate on the Bitcoin network, Ordinals and Runes.

In this case, this token was prepared through Runeswhich allows the creation of tokens fungibles in Bitcoin. These tokens can behave like memecoins or other exchangeable assets.

Unlike the NFTs (non-fungible tokens), which are unique and not interchangeable with each other, the tokens Expendables created with Runes are identical and can be exchanged similarly to how Runes work. tokens of the ERC-20 standard on Ethereum (ETH).

The expression “Memento Mori” is a Latin phrase that means “remember that you will die” and represents the idea of transience and the ephemeral. In line with this concept with which this was created tokenits symbol is a skull emoji.

Furthermore, the minting process is now complete and the limit of tokens in circulation, which is 100,000. In turn, the token will be available for trading from November 2, 2024, according to the Memento Mori account on x.

In short, on the Bitcoin network, transaction fees can fluctuate dramatically over short periods. This happens when competition for block space increases, which can occur during times of high activity, such as when minting a new memecoin or during high transaction volume events.

Such was the case of another rune-memecoin, DOG, which produced the same thing that happened today with Memento Mori. For its part, DOG, which is illustrated by a little dog with an orange coat and the bitcoin logo, reached more than 70,000 in less than a week. holdersas reported by CriptoNoticias in May 2024.