Bitcoin Blockchain Congestion: A Comedy of Errors
So, it seems that the Bitcoin blockchain has found itself in a bit of a pickle. Thousands of transactions are pending approval, causing quite the commotion in the world of cryptocurrency. But what could possibly be causing this backlog? Let’s dive into this hilarious tale and find out.
Bitcoin Inscriptions Rear Their Heads Again
Ah, yes, let’s take a trip down memory lane to 2023 when the Bitcoin network was set ablaze by its own version of non-fungible tokens (NFTs) known as Inscriptions. These little digital doodads quickly became all the rage, clogging up the network faster than you can say “blockchain.” Transaction fees soared to new heights as everyone clamored to get their hands on these virtual collectibles.
But then, just like that annoying song you couldn’t get out of your head, the craze died down and miners were able to go back to their usual business. That is until November 4-5 when interest in Inscriptions started creeping back up again.
Source: Dune Analytics
On November 4th, Bitcoin saw its second-highest daily volume of Inscriptions with over 433,000 etchings made on the blockchain. This came second only to September 15th when a whopping 440,760 inscriptions were made – talk about leaving your mark!
Just like before, this surge in inscriptions caused transaction fees for BTC to skyrocket once again and resulted in one heck of a backlog. Average fees shot up to over $5.9 – yikes! According to data from YCharts, these levels haven’t come back down yet.
The Culprits Behind The Chaos
According to insider sources (okay fine – it’s actually from Ordinals Wallet official X handle), projects such as rats 🐀 , GROK 🤖 , stas 💫 , and DOG1 🐶 have been driving this resurgence in Inscription activity.
There have also been rumblings from other projects such as doge 🐕 , insi 🔍 , and rabs 👾 . But let’s face it – they’re just not making as big an impression compared with our top four troublemakers!