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Quick Take

This week saw an unexpected upsurge in the Bitcoin mempool transaction count. The increase has been primarily driven by a new wave of Inscriptions, which has pushed the 7-day moving average transaction count above 70,000.

Total Number of Transactions: (Source: Glassnode)
Graph showing the 7-day moving average mempool transaction count from November 2022 to November 2023 (Source: Glassnode)

Upon further examination, it is evident that the surge in inscriptions has been significant. On Nov. 6 alone, over 400,000 new Inscriptions were recorded. This magnitude of activity parallels the frenzy observed during the peak mania phase of Inscriptions. A detailed analysis indicates that substantial daily increases in inscriptions are rare. There have only been a few occasions where the number of new inscriptions exceeded 400,000 in a single day in 2023.

Inscriptions New Count: (Source: Glassnode)
Graph showing the count of new Inscriptions in 2023 (Source: Glassnode)

Furthermore, a low transaction value trend is visible on the mempool. Transactions valued at around $0.19 usually indicate Inscriptions and are increasingly populating the mempool.

Mempool Transactions: (Source: Mempool)
Table showing the average transaction value on the Bitcoin network on Nov. 7 (Source: Mempool)

The post Inscriptions cause sudden surge in Bitcoin mempool transactions appeared first on CryptoSlate.


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