Bitcoin network fees surge as halving event looms

As the halving event draws near, the average fee on the Bitcoin network has surged to $19.48, according to BitInfoCharts. This significant increase in fees can be attributed to the impending launch of the Runes protocol by Casey Rodarmor. The Runes protocol is positioned as a simpler alternative to Ordinals and aims to address the issue of network congestion caused by BRC-20 tokens. By operating autonomously and eliminating the need for Ordinals, the Runes protocol enables more efficient transactions. In anticipation of the protocol’s release, various projects, including the NFT collection PUPS, have already announced their intention to adopt this new standard. PUPS, an experimental BRC-20 token on the BTC blockchain, plans to transfer its asset to the Runes protocol after the halving on April 20. With its recent claim as the “first meme coin on the Bitcoin network,” the PUPS token has seen a staggering price increase of over 1,200% in the past week. Launched in January, the asset’s current market capitalization stands at $439 million, with a trading volume exceeding $5.4 million.