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Bitcoin ecosystem participants, are you expecting a drop in mining profitability after the halving event? Amidst reports of a deteriorating user experience on the network, Solana’s off-vote transaction failure rate has reached a record 75%. Meanwhile, memecoin projects have become a significant focal point for the anticipated 2024 crypto bull market. Here are three key developments that have marked the crypto currency market in the last 24 hours.
What to Expect After the Halving?
Laurent Benayoun, CEO of Acheron Trading, stated in a comment regarding the subject that despite a 50% reduction in Bitcoin block rewards, the profitability of Bitcoin mining will not decline after the upcoming Bitcoin halving event:
“It is not clear that miners will be worse off in dollar terms after the halving, quite the contrary. The decrease in mining rewards will be compensated by an increase in network fees.”
The Bitcoin halving event will reduce block issuance rewards from 6.25 BTC to 3.125 BTC on April 20th. Following previous halving events, smaller mining firms were forced to cease operations due to reduced block rewards.
Notable Development in the Solana Network
Approximately three-quarters of all transactions on the Solana network failed amidst a flurry of activity brought on by the latest memecoin frenzy. However, supporters claim the data is largely misinterpreted. Dune Analytics data shows that just over 75% of all off-vote Solana transactions failed on April 4th, marking the highest failure rate on record. This increase followed a trend where Solana users complained on social media about failed transactions and a deteriorating user experience.
Nevertheless, in a post published on April 4th by Helius CEO and Solana supporter Mert Mümtaz, he contested the claim that 75% of transactions failed, stating that most of the failed non-voting transactions were simply bot spam. Mümtaz argued that the failed transactions chart is not a good way to assess user impact because most users did not initially go there.
The Memecoin Craze Continues
The number of memecoin investors has reached an all-time high, appearing like a nod to the ongoing crypto market frenzy. According to blockchain data analytics firm IntoTheBlock, the number of wallet addresses holding memecoin assets for less than 30 days has hit a new record level. The data supports a recent report by CoinGecko that labels memecoins as the most profitable crypto narrative to date in 2024.
Memecoins, led by projects like Dogwifhat (WIF) and Book of Meme (BOME), provided an average return of 1,312.6% in the first quarter. There are many stories on social media of crypto investors turning a few thousand dollars into millions. One investor turned $13,000 into $2 million in just one hour using the Donotfomoew (MOEW) memecoin.
