Bitcoin Developers Take Aim at $475 Million Meme Coin Market

• Bitcoin developers are strategizing to filter out the trading of meme coins on the Bitcoin network.
• Developers point out that the system is being abused.
• Serving as a layer for meme coins was also not the purpose of Bitcoin according to the developers.

Bitcoin developers are strategizing to filter out the trading of meme coins on the Bitcoin network. According to the latest report from Bloomberg, they are also deliberating over whether to halt meme coins flocking into the network altogether.

Ali Sherief, a Bitcoin developer, has expressed concerns about the impact of “worthless tokens” on the functionality of the Bitcoin network as a peer-to-peer digital currency. He recently shared his views with Bloomberg, stating that he believes the system is being exploited and that Bitcoin was not originally designed to support meme tokens at its core.

Luke Dashjr, an experienced Bitcoin developer, shared his sentiments and considered ordinal transactions akin to spam. Dashjr has gone a step further by creating a program called “Ordisrespector” to assist computer nodes on the Bitcoin network in avoiding such transactions.

During the second quarter of 2023, there w…

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