The Rise of Memecoins: PEPE and Dogecoin Lead the Frenzy.

The emergence of memecoins and nonfungible tokens (NFTs) on the Bitcoin blockchain has led to a seismic shift in the revenue profile of miners, with transaction fees making up over 40% of revenues at one point in May. The Ordinals software protocol paved the way for NFTs and memecoins to come to the network, and the Bitcoin NFT ecosystem could be worth $4.5 billion by 2025. While some argue that the Ordinals phenomenon clogs the network and interferes with Bitcoin's store-of-value and payments functions, others believe it has created a pathway to uses of the Bitcoin network that didn't exist before.