Top crypto tweets of the day – May 8th

BREAKING: #Binance outflow data confirms largest withdrawal in it's history, over 162,000 $BTC has left the exchange, valued at over $4.6 Billion.

Are Whales/Insiders jumping ship? 👀 pic.twitter.com/QSXYAEvHkt

— WhaleWire (@WhaleWire) May 7, 2023

$pepe holding 800 million

Where do you see price going by Friday? pic.twitter.com/2XWyK3wS3M

— borovik.eth (@3orovik) May 8, 2023

WHO THE FUCK IS SELLING $PEPE ? pic.twitter.com/J3z9zV0bPG

— Ash Crypto (@Ashcryptoreal) May 8, 2023

This guy paid 64 ETH gas fee… pic.twitter.com/7ieb3UJMbm

— Elja (@Eljaboom) May 8, 2023

All #memecoins taking big hits today. It's good that this is happening. This way we can fuel up for a next run. Can't be up only. This is normal in crypto. pic.twitter.com/INE64mCoMd

— EMPEROR'D🔥（棋子，棋子 (@emperorcalls) May 8, 2023

BREAKING: #Bitcoin block 788695 contained transaction fees greater than the block subsidy.

6.7 BTC transaction fees + 6.25 BTC subsidy

This is a the first time in history this has ever occurred due to competitively high block space demand. pic.twitter.com/J7IcwzIVKE

— Joe Burnett (🔑)³ (@IIICapital) May 7, 2023

S/O to @vostrnad for finding a block in 2017 where fees were greater than the subsidy due to competitively high block space demand.

This actually has occurred before!https://t.co/uc1rv4Gico

— Joe Burnett (🔑)³ (@IIICapital) May 7, 2023

BRC20 is a very weird and inefficient token standard built on top of Bitcoin, ordinal theory, and NFTs

To mint a BRC20, you create a ‘mint’ NFT with the amount to be minted, in competition with others via a priority gas auction

To transfer/sell an BRC20, you create a new… pic.twitter.com/kgJUuXW8Tb

— ChainLinkGod.eth (@ChainLinkGod) May 8, 2023

You can get a sense of the very high quality BRC20 tokens that are currently being traded here https://t.co/w5k31ubSqJ pic.twitter.com/4ycqnlWeqf

— ChainLinkGod.eth (@ChainLinkGod) May 8, 2023

Oh and can’t forget to mention

The primary on-chain exchange for BRC20 tokens requires you to have either already made 20 BRC20 transactions or have an address with BTC that has at least 500 confirmations

This is probably a contributing reason for Bitcoin’s network congestion pic.twitter.com/wxjetX2SDn

— ChainLinkGod.eth (@ChainLinkGod) May 8, 2023

Small correction, access to the on-chain exchange is enabled by either doing 20 BRC20 related transactions or holding an OG PASS NFT for at least 500 confirmations (~3.5 days )

Making it more restrictive than I originally thought

Though $ORDI BRC20 just got listed on @gate_io https://t.co/xhGOOWSabp

— ChainLinkGod.eth (@ChainLinkGod) May 8, 2023

Historical context on the current #bitcoin fee surge.

22.8% of miner revenue has came from fees over the last 24 hours. pic.twitter.com/fYJCgVEVPt

— Dylan LeClair 🟠 (@DylanLeClair_) May 7, 2023

Here's a more zoomed in view. pic.twitter.com/caGzxCBQMB

— Dylan LeClair 🟠 (@DylanLeClair_) May 7, 2023

#Bitcoin mining rewards have gone parabolic 👀😮 pic.twitter.com/3j0sFk2OWv

— Bitcoin News 🌴 Rooftop Meetup May 19th (@BitcoinNewsCom) May 8, 2023

BREAKING:

Due to the emergence of #Ordinals (Bitcoin NFTs), over 450,000+ transactions are now stuck/pending on the #Bitcoin blockchain, as fees have surged to new highs.

It now cost on average $19.21 per $BTC transaction, but many exchanges are charging $60+ to process them. pic.twitter.com/aTI7ccXlrH

— WhaleWire (@WhaleWire) May 8, 2023

No, #bitcoin is not ruined. Who says otherwise is just ego trolling you. Pressure tests are normal and expected. #bitcoin is working as intended. Always have been. Nevertheless exchanges and wallets need to start integrating exciting scalability solutions.

— Paolo Ardoino 🍐 (@paoloardoino) May 8, 2023

Lightning Network and Liquid are available today. Easy task for developers.

— Paolo Ardoino 🍐 (@paoloardoino) May 8, 2023

Nearly $1B market cap for #BRC20 tokens.

Will #LTC20 tokens have any value? pic.twitter.com/BYv2y2OFjQ

— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) May 8, 2023

Attention meme coin developers! Join #TRON and #BitTorrent with your meme coins, and benefit from our funding support of up to $1 million to reimburse your trading gas fees. Furthermore, top exchanges like @HuobiGlobal and @Poloniex will prioritize the listing of your meme coins. https://t.co/gISRGYEUv3

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 7, 2023

It took #Bitcoin 14 years to create the most valuable space you can buy on the planet.

Now people complain it requires a premium to access it. Bro…

This will only make #BTC more secure and robust. pic.twitter.com/JbCAi1nG8m

— Duo Nine ⚡ discord.gg/ycc (@DU09BTC) May 8, 2023

#Bitcoin is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text based inscriptions, and ordinals

This is a revenue boost for Miners, as the average fee paid per block has reached 2.905 $BTC, near past bull peaks

📊https://t.co/DyVjODagG9 pic.twitter.com/8ZV0i4DNzm

— glassnode (@glassnode) May 8, 2023

A few recent blocks have seen tremendous total fees paid of 5.87 $BTC, approaching 94% of the 6.25 $BTC block subsidy.

Our mempool is currently full, and purging transactions approaching the 50sat/vbtye fee rate band.

📊 https://t.co/4S0mhxCxgp pic.twitter.com/fqcejWkx61

— glassnode (@glassnode) May 8, 2023