meme coins may face a dire threat to their very existence. The programmers and auditors of the Bitcoin blockchain, the foundation on which these meme coins operate, are considering taking it down.
This pivotal decision comes on the heels of the Bitcoin blockchain gas price spike in May, a rally driven by the continued growth of Bitcoin-based meme coins.
But what does this mean for the future of meme coins? Is this the end of their wild and unexpected journey?
The Bitcoin Blockchain is facing a threat from the surge of Meme Coins
A wave of speculative coins flooded the Bitcoin blockchain in May, resulting in a record number of transactions and an 11-fold multiplication. High processing fees. The unprecedented influx of meme coins, such as the popular frog-themed Pepe, has created a deadlock within the blockchain, causing concerns among cryptocurrency hardliners.
Fearing a repeat of network congestion and disruption of Bitcoin’s core functions as a payment system and store of value, these purists advocate implementing software that can filter such transactions, effectively treating them as spam.
BTC market cap currently at $518 billion on the daily chart: TradingView.com
Bitcoin developer Ali Sharif expressed concern about the system being exploited, Tell Bloomberg:
“Bitcoin was never intended as a base layer for meme tokens.”
He further emphasized the potential threat these seemingly worthless tokens pose to the smooth and normal functioning of the Bitcoin network as a peer-to-peer digital currency.
In an email to the largest developer group associated with the leading digital asset, Sharif highlighted the urgency of addressing this issue, as tokens continue to challenge the integrity and usefulness of the Bitcoin blockchain.
Image: BSC News
The controversy boils down to embracing bitcoin ordinal over meme coins
While concerns about the impact of meme coins loom on the Bitcoin blockchain, a group of developers and supporters are steadfast in their support for their coexistence.
Bitcoin Ordinals has endorsed the idea of accommodating large numbers of NFTs, meme coins, and other digital collectibles within the BTC blockchain ecosystem.
Related Reading: Cardano Scores $2.5B in Big Transactions – Is ADA Price Rise Imminent?
One of the key figures in this movement is developer Casey Rodarmor, who created Ordinals, a platform that allows users to embed various forms of digital content, including images, videos, and text, on Satoshis – the smallest unit of Bitcoin. This innovation paved the way for the development of BRC-20 standardwhich facilitated the explosion of meme coins on the Bitcoin blockchain.
Amidst the ongoing controversy, the fundamental nature of the Bitcoin network comes into play. With no single person or entity exercising control over the decentralized network, the path forward regarding continued action against meme and NFT coins remains uncertain.
Featured image from Crypto News