Bitcoin Fees Skyrocket Then Plunge!

Bitcoin was able to hit $78.3 million in total fees on the halving day.

Author

Danielle du Toit
April 22, 2024

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Here's what we've got for you today:

  • Bitcoin Fees Tumble After Record $128 Average on Halving Day

  • Sam Bankman-Fried to Aid Class Action Lawsuit Targeting FTX Celebrity Endorsers

  • 12 Solana Presale Memecoins Abandoned After Just a Month

  • Base Network Sets Record High in Contract Deployers, Reaches 21.7K

Bitcoin was able to hit $78.3 million in total fees on the halving day, which allowed it to greatly outperform Ethereum.

  • On Apr. 20, the day of the fourth Bitcoin halving, transaction fees soared to a record high of $128 on average, driven by a lot of activity surrounding block 840,000.

  • The peak in transaction fees was largely influenced by memecoin and NFT enthusiasts who were actively using the Runes protocol to inscribe and etch rare satoshis. This resulted in block 840,000 recording 3,050 transactions.

  • Just a day later, on Apr. 21, Bitcoin transaction fees experienced a sharp decline, falling to between $8 and $10 for medium-priority transactions.

Disgraced entrepreneur Sam Bankman-Fried has agreed to assist FTX investors in their legal dispute with the company's celebrity endorsers.

  • Adam Moskowitz, a class action attorney, filed a lawsuit in 2019 accusing the celebrity endorsers of FTX of deception and making false claims about the safety of crypto assets.

  • FTX was once a top crypto exchange with a valuation of $32 billion. It used celebrity endorsements to boost its popularity, making Sam Bankman-Fried extremely wealthy.

  • Some of the high-profile celebrity endorsers involved with FTX were Tom Brady, Shaquille O’Neal, Stephen Curry, Shohei Ohtani, Gisele Bundchen, and Larry David.

In the past 30 days, at least 12 Solana presale memecoins have been abandoned after collectively raising $26.7 million from investors.

  • The most costly abandoned presale project was the memecoin "I like this coin" , created by pokeee.eth, which raised 52,220 SOL . It launched on Mar. 17 with a market cap of $577 million but lost over 90% of its value in the first eight hours.

  • Another abandoned presale, MOONKE, launched on Mar. 20 with a market valuation of almost $500 million but saw its value drop more than 99% soon after launch.

  • One project managed to raise 4,567 SOL, but completely failed to launch its token, leaving investors with nothing.

On Apr. 20, the number of contract deployers on Base reached a staggering 21,700.

  • Just 10 months after its launch, the Base network boasts 22,000 developers actively launching apps on a daily basis.

  • The Base network has also experienced a big increase in user activity, with monthly active users climbing to 3.8 million, a 63.1% increase.

  • Jesse Pollak, the head of the Base protocol, has also shared the project’s ambitious goal of drawing 1 billion users into the economy.

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