The average fee on the Bitcoin network has surged to $19.48 as the halving event approaches.

BitInfoCharts reported a significant increase in fees on the Bitcoin network as the Runes protocol launch nears. On April 18, the average fee spiked to $19.48, marking a nearly $14 rise since the start of the month.

The uptick in fees is attributed to the introduction of the Runes protocol by Casey Rodarmor, positioned as a more straightforward alternative to Ordinals. Rodarmor highlighted that BRC-20 tokens were congesting the network, prompting the need for a solution.

New terrible idea just dropped: Runes. A worse-is-better fungible token protocol for Bitcoin. – Casey (@rodarmor) September 25, 2023

The Runes protocol aims to address network congestion by functioning independently of Ordinals, enabling more efficient transactions. Several projects, including the NFT collection PUPS, have announced plans to release tokens based on this new standard.

PUPS is an experimental BRC-20 token on the BTC blockchain. Post the halving event on April 20, developers intend to transition the asset to the Runes protocol. With a recent surge in popularity, the PUPS token, dubbed as “the first meme coin on the Bitcoin network,” witnessed a staggering price increase of over 1,200% in the past week.

Launched in January this year, the token’s market capitalization currently stands at $439 million, with a trading volume exceeding $5.4 million.

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