Bitcoin blockchain has no meaningful on-chain activity despite native tokens and bitcoin
On Saturday, Mempool contained 5,000 strange transactions, but at press, tally rose to 15,000, but it’s far from 150,000 when BTC prices first surpassed $100,000 in the second half of 2024.
Since March this year, the tally has been oscillated between $3,000 and $30,000, indicating the network’s anemia demand despite BTC establishing a foothold of over $100,000.
“Bitcoin’s memory (the queue of transactions waiting to be processed) is almost completely empty. The percentage of minor revenue from fees (instead of inflation) has been reduced to a fraction of the rate,” said Joel Valenzuela, director of marketing and business development.
“Simply put, almost all of the actual users of Bitcoin have left, even at high prices!” Valenzuela added that he calls a major crisis when the network goes bankrupt or becomes “a fully detained asset run by governments and agencies.”
BTC’s Mempool. (blockchain.com)
Idol Mempool is a sign of lack of retail participation in the market, according to Joao Wedson, CEO and founder of Crypto Data Analysis Platform Alphractal.
“It’s a clear indication that retail has returned as Mempool’s trading starts to rise again, as backlog growth reflects an increase in demand for network use,” Wedson said.
